What to know:
- Shares of SharpLink (SBET)—a sports marketing outfit with more enthusiasm than sense—shot up over 400% after announcing it was going all-in on ethereum as its treasury BFF. Because what could possibly go wrong? 🤷♂️
- Ethereum’s co-founder, Joseph Lubin, is dropping into the party as board chairman, while his oh-so-humble firm Consensys is leading a massive $425 million PIPE round—think of it as the crypto equivalent of winning the lottery, only with more Silicon Valley swagger.
- This Minneapolis-based company, founded in 1995—yes, before everyone had a smartphone—wants to copy the legendary MicroStrategy bitcoin saga (because obviously, that worked so well). 🤑
Shares of that “sports marketing” startup, SharpLink (SBET), went on a wild ride—up 412%—after declaring they were going to start hoarding ether, the cryptocurrency darling of Ethereum land, in their treasury. Because why not toss some digital coins into the corporate piggy bank and see what happens? 💰
Based in Minneapolis—where the snow never seems to end and now apparently crypto ambitions don’t either—SharpLink was trading at about $34.45 yesterday, having shot up from $7 just last Friday. Its market cap? A hefty $23 million, which is roughly the same as a mid-sized yacht or a small island in the Caribbean.
The company is attempting to raise roughly $425 million through a mysterious process called PIPE, which is fancy talk for “selling shares to investors who probably need to see a psychiatrist.” These shiny new dollars will be used to buy more ether, which they seem to think will make their treasury look as shiny as a new bitcoin billionaire’s smile.
The bigwigs at Consensys—who happen to be co-founders of Ethereum themselves—are leading the charge, along with a colorful cast including Pantera Capital, Galaxy Digital, and Ondo. Sounds like the Who’s Who of “Let’s Throw Money at Crypto and See What Sticks.”
The fun is scheduled to wrap up by May 29th, when everyone will find out whether this was an investment genius or just another excuse for a Silicon Valley champagne toast. Lubin, lovely Lubin himself, will then take the throne as chairman—because if you’re going to make questionable financial decisions, you might as well do it in style.
Meanwhile, SharpLink is just the latest in a long line of tiny companies attempting to clone MicroStrategy’s legendary Bitcoin crusade—an enterprise that saw its stock skyrocket over 3,000% in the past five years. Truly, who needs health or stability when you have a crypto magic carpet ride? 🎢
And just to really bring the excitement, Trump Media & Technology Group announced a $2.5 billion capital raise to duplicate the Bitcoin treasury strategy. Because, clearly, what could possibly go wrong? 🚀
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2025-05-27 18:29