PANews reported on May 27 that according to GlobeNewswire, SharpLink Gaming announced that it will complete a private placement financing of approximately US$425 million, with Consensys as the lead investor. The transaction is expected to be completed on May 29. The financing funds will be used to purchase Ethereum (ETH) and establish ETH as the company's main reserve asset. Joseph Lubin, founder of Consensys and co-founder of Ethereum, will serve as chairman of the company's board of directors. This move marks the expansion of SharpLink's business into the field of on-chain asset allocation, strengthening its strategic layout in the Web3 and iGaming markets.

After this news came out today, the share price of SharpLink Gaming, Inc. (NASDAQ: SBET) soared at the opening, and the total market value jumped from less than US$5 million yesterday to the current US$28 million, an increase of nearly 500%.