Joseph Lubin, founder and CEO of Consensys, is on track to emerge as a leading figure in Ethereum-focused corporate treasuries. He is preparing to assume the role of chairman for one of the first publicly listed companies planning to accumulate ETH in its reserves.
On May 27, SharpLink Gaming, an affiliate marketing company specializing in sports betting and online casinos, revealed its intention to raise $425 million to establish a corporate Ethereum (ETH) treasury.
The publicly traded firm announced that it is moving forward with an agreement to sell more than 69.1 million of its shares to generate the necessary capital, mirroring the approach taken by Michael Saylor’s strategy of accumulating BTC.
The company also disclosed that Joseph Lubin is set to assume the role of chairman on SharpLink’s board once the transaction is finalized. According to the announcement, Consensys is leading the investment round, with participation from several prominent crypto venture capital firms, including Pantera Capital, Arrington Capital, Galaxy Digital, Hivemind Capital, and Primitive Ventures.
Following the announcement, ETH saw a nearly 6% increase in value, with its price hovering just below the $2,700 mark.
Saylor’s Bitcoin Playbook
This move reflects Michael Saylor’s pioneering decision in 2020 to establish a Bitcoin treasury for his publicly listed software firm.
MicroStrategy began as a business software company before Michael Saylor shifted focus to Bitcoin, becoming one of its most vocal advocates in recent years. He consistently promotes the idea that both corporations and individuals should acquire as much Bitcoin as they can—even at market highs—and hold it long-term.
The Bitcoin maximalist has claimed that the establishment of a U.S. Strategic Bitcoin Reserve could effectively “neutralize the national debt,” which is currently estimated at $36.9 trillion.
Saylor’s firm, Strategy, currently possesses 580,250 BTC, representing approximately 2.74% of Bitcoin’s total supply, with a market value of around $64 billion at current prices. The company remains committed to its aggressive Bitcoin acquisition strategy. On May 26, Saylor revealed the most recent purchase—4,020 BTC acquired for $427 million.
Similar to Strategy, SharpLink Gaming is listed on the Nasdaq and ranks among the earliest publicly traded companies to initiate a corporate treasury dedicated to holding ETH.
However, several significant corporate entities already hold substantial amounts of ETH. Abraxas Capital Management, a privately owned crypto investment firm, has been actively accumulating ETH in recent months and currently holds assets valued at nearly $947 million.
Abraxas also maintains significant Bitcoin holdings, though earlier this month it sold $150 million worth—indicating what appears to be a strategic shift in favor of Ethereum.
In recent months, the creation of crypto-focused corporate treasuries has emerged as a growing trend, now extending beyond just Bitcoin. In April, Upexi—a consumer products company listed on the Nasdaq—announced plans to raise $100 million for acquiring SOL. Today, Upexi unveiled the specifics of its Solana treasury strategy.
Stock Skyrockets
Describing the moment as “an exciting time for the Ethereum community,” Lubin—an Ethereum co-founder—expressed enthusiasm in SharpLink’s press release, stating he is thrilled “to bring the Ethereum opportunity to public markets.” He added that Consensys is eager to collaborate with SharpLink on crafting and advancing an Ethereum Treasury Strategy, while also supporting their primary business as a strategic advisor.
SharpLink, an affiliate marketing firm specializing in online casinos, sports betting, and iGaming, began its venture into the crypto space in February. At that time, it revealed the acquisition of a 10% stake in the parent company of an online crypto-based casino.
The announcement of SharpLink’s entry into Ethereum today triggered a sharp surge in its stock price, which soared by more than 430%.
“This represents a major milestone in SharpLink’s evolution and signals a step beyond our primary line of business,” stated Rob Phythian, the company’s founder and CEO. He added, “Once the deal is finalized, we are excited to collaborate with Consensys and to welcome Joseph to our Board.”
Joseph Lubin is scheduled to assume the role of chairman on SharpLink’s board once the private placement is finalized, with the closing anticipated around May 29.
