Gaming Firm Chaired by Joseph Lubin Announces Plans for Ethereum Treasury Strategy Starting With $475,000,000 in Capital

A company chaired by the chief executive of crypto wallet developer Consensys is announcing plans to create an Ethereum (ETH) treasury.

In a new press release, SharpLink Gaming – chaired by Consensys CEO and Ethereum co-founder Joseph Lubin – says it’s going to purchase $475 million worth of ETH and use it as a primary treasury reserve asset.

To raise the funds to accumulate the tokens, SharpLink is selling just over 69 million shares of its common stock.

As stated by Lubin in the press release,

“On close, Consensys looks forward to partnering with SharpLink to explore and develop an Ethereum Treasury Strategy and to work with them in their core business as a strategic advisor.

This is an exciting time for the Ethereum community, and I am delighted to work with [SharpLink CEO Rob Phythian] and the team to bring the Ethereum opportunity to public markets.”

SharpLink’s (SBET) stock has been soaring over the last week, rising from a low of $2.79 on May 22nd to a peak of $50.06 on May 27th, a staggering increase of over 945. The stock has since retraced and is valued at $29.78 at time of writing.

Ethereum is trading at $2,635 at the time of writing.