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On Tuesday, SharpLink Gaming—a marketing partner for online sportsbooks and casino gaming operations listed on the Nasdaq exchange under ticker $SBET—saw shares surge 640% on the announcement it would adopt an Ethereum treasury strategy.
Led by Ethereum software developer Consensys, with participation from prominent crypto venture capital firms including ParaFi Capital, Electric Capital, Pantara Capital, Arrington Capital, and Galaxy Digital, the deal will enable private investors to receive 69M SBET shares at a price of $6.15 in exchange for their contribution of $425M; proceeds will be used to buy ETH.
While ETH surged on Tuesday's announcement, this likely explains the $700 rally we saw a few weeks back—either from insiders frontrunning the news or the actual buying happening ahead of this week's public disclosure.
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