SharpLink Gaming, a Nasdaq-listed betting technology company, has made a bold move into the crypto space by launching a corporate treasury strategy centered on Ethereum. In a major leadership shift, Ethereum co-founder and Consensys CEO Joseph Lubin has been nominated chairman of SharpLink’s board of directors.

The company announced a massive $425 million private investment in public equity (PIPE) deal, with Ethereum powerhouse Consensys among the headline investors. Other backers include some of the biggest names in crypto venture capital: Pantera Capital, Galaxy Digital, ParaFi, Electric Capital, and more.

Following the announcement, SharpLink’s stock skyrocketed nearly 400%, soaring from under $7 to over $33 per share in less than 24 hours. The company plans to designate ETH as its primary treasury reserve asset, signaling a significant shift from the typical Bitcoin-focused corporate strategies seen in recent years.

Consensys confirmed its participation in the deal but declined to offer further comment until the transaction is finalized, which is expected around May 29.

SharpLink CEO Rob Phythian and CFO Robert DeLucia also invested personally in the raise. The newly secured capital will be used to kickstart the Ethereum treasury and support general operations.

While corporate ETH holdings remain rare, the tide may be turning. Past examples like Reddit, Meitu, and KPMG dabbled in Ethereum, but most later pivoted back to Bitcoin. SharpLink’s aggressive ETH-first stance, combined with Lubin’s board leadership, could mark a new chapter in crypto treasury adoption.