The American company Sharplink Gaming, specialized in digital marketing for sports betting and Igaming, announced a private investment of 425 million dollars with which it plans to start a treasury strategy based on ETHER (ETH), the native cryptocurrency of the Ethereum network.
The agreement includes the private placement of 69.1 million ordinary shares, or equivalent instruments, at a price of USD 6.15 per share (USD 6.72 in the case of certain members of the management team), which will allow the company to capture gross funds for an estimated total of USD 425 million, before deductions for fees and expenses.
According to a release, Sharplink will use the funds mainly to acquire ETHER (ETH), which will be incorporated as the central asset of its treasuryin addition to meeting general operational and circulating capital needs.
The Operation participated as highlights of the firm Consensys – founded by Joseph Lubin, who is also co -founder of Ethereum – as well as recognized firms of the crypto ecosystem such as Parafi Capital, Panther Capital, Electric Capital, Arrington Capital, Galaxy Digital, Ondo, White Star Capital, GSR, HIVERMIND CAPITAL, HYPERSPHER, PRIMITIVE VENTURES AND REPUBLIC Digital. Sharplink executives also participated, such as his CEO Rob Phythian and his CFO Robert Delucia.
As part of the agreement, Joseph Lubin will be appointed President of the Sharply Board of Directors once the placement is over once. Lubin stressed that “this is an exciting moment for the Ethereum community. I am delighted to work with Rob and his team to take Ethereum’s opportunity to public markets.”
Sharplink seems to inspire the strategy of the Bitcoiner maximalist, Michael Saylor who turned his company, Strategy (previously called “Microstrategy”) in the public contribution company with the highest amount of Bitcoin (BTC) in his treasury.
As cryptootics has reported, there is more than a dozen organizations (including public contribution companies, private companies, foundations and DAO) that maintain ETH as a reserve asset in their corporate treasury.
The following graph shows the 15 entities with more ETH in its possession.
The ETH choice is drawing attention as a reserve asset, taking into account that It is a cryptocurrency whose price does not go through good times, nor does it have a stable monetary policy (unlike what happens with Bitcoin). Obviously, these giants investors who choose ETH have confidence in the future valuation of the asset, although it is a risky bet.
