SharpLink Gaming has raised $425 million in a private funding round led by Ethereum software firm Consensys, marking a bold move to become the largest public holder of Ethereum (ETH).
The U.S.-based iGaming affiliate marketing company confirmed the completion of the deal on June 2, just days after filing with the U.S. Securities and Exchange Commission (SEC) about plans to raise up to $1 billion, mainly to acquire ETH.
Massive Ethereum Strategy Takes Shape
SharpLink’s SEC filing highlights a strategic shift in the company’s financial planning. It intends to use a significant portion of the funds raised to build an Ethereum-centric treasury. The company sees ETH not only as a store of value but also as a key asset to support operations, growth, and future capital investments. The approach has drawn comparisons to MicroStrategy’s Bitcoin-focused playbook.
Strong Crypto Industry Support
In addition to Consensys, the funding round attracted major players in the crypto space, including Pantera Capital, Galaxy Digital, ParaFi Capital, and Electric Capital. SharpLink executives Rob Phythian (CEO) and Robert DeLucia (CFO) also contributed personally to the raise, signaling strong internal conviction in the company’s direction.
As part of the deal, Joseph Lubin, co-founder of Ethereum and CEO of Consensys, will join SharpLink’s board as Chairman. Lubin highlighted Ethereum’s growing acceptance in traditional finance and praised SharpLink’s commitment to programmable assets, which he believes are shaping the future of trust and value exchange.