Meet SharpLink: The MicroStrategy of Ethereum

How to save a sick public trading company 2025? One answer and more and more popular in this is: swivel cryptocurrency – or more precisely, become a crypto treasury company.

Previously unknown gambling salesman on the Sharplink network played just that earlier this week, when he announced that raised $ 425 million in investment to establish an Ethereum treasury. It was a significant deviation from the more frequent path to the construction of Bitcoin Treasury, with Ethereum the second largest and highest liquid assets of the cryptocurrency on the market in addition to Bitcoin. As part of the raise, the Consensys CEO and the co -founder of Ethereum Joseph Lubin joined Sharplic’s Board of Directors. (Discovering: Consensys is one of 22 investors Is the editorial independence Decipher.)

Before everything entered Ethereum, Sharplink had a market capitalization of about $ 2 million, tearing up just over $ 2 per share and just a few weeks ago it was dangerous that he was thrown out of Nasdaq for a fall below a minimum of $ 1 per share. On Tuesday, everything changed: the company’s stock jumped 420% to $ 35 per share, with a market limit of over $ 23 million.

It is a strategy that reminds of, well, Strategy. Michael Saylor, previously known as Microstrategy, laid a draft as it works: Buy a bunch of bitcoin (or, in the Sharplin, Ethereum case), and your shares function as a proxy bet on Crypto Asset. The shares at the cryptocurrency company will often trade with premium digital property, because for the average investor it is much easier to buy shares than directly with the cryptocurrency.

Before applying $ 101.76 billion and raised a bitcoin treasure chest worth over $ 60 billion, Microstrateegy collapsed at a two -core share price as a fairly average business intelligence companion. Microstrategy then bought $ 425 million in Bitcoin in the fall of 2020. The same amount in Ethereum that Sharplkink plans to buy. Back in 2020, Microstrategy came out nowhere. Just as Sharplink did on Tuesday.

So what is Sharplink and where make comes from?

What is Sharplink Gaming?

Sharplink is a co -founder in 2019 Until now, Phithian and former Coo Chris Nicholas, who left the company in 2024. Tori Roberts joined the team of 2021 as a vice president, in charge of Affiliate Marketing with Robert Deluation after 2022 as Chief Financial Director.

According to the official Sharplink WiteThere are also three independent directors in Leslie Bernhard,, Robert Gutkowskiand Both McKenzie consisting of the Board of Directors, chaired by Phithian himself.

Bernhard was previously a director and chairman in several companies on the Nasdaq list, Gutkowski helped to seal a $ 486 million cable distribution agreement, and McKenzie was the general director in Blackkkk. So, it seems that at least the directors are capable of a bunch.

Simply put, Sharplink gaming uses technology to help match sports bookmakers with fans. According to his LinkedIn Page, the company now uses an AI tool that collects and analyzes the insight into users’ behavior, pushes the relevant betting content to these users and turns them into customer payment.

Trading on Nasdaq under the SBET tag, is currently sitting on a market border of $ 55 million trading with nearly $ 80 per share, already doubled the price of Tuesday, according to data on Trade view. If you bought SBET supplies five years ago, you are still lowered about 67%.

The company’s revenues reduced 26.1% from 2023 to 2024, last year’s The financial report showedGiven that cash decreases by $ 42.2% to $ 1.43 million. Accordingly, he recorded a positive net income of $ 10 million, which is a significant increase in net loss of $ 14.2 million.

Year 2024. Sharplink playing Sold two of its companies for $ 22.5 million, he used most of these revenue to write off out of disappointed debts and Finished domestic connection That changed the company from the Israeli LLC Corporation of Delaware, the company states.

In July 2024. The Board of Directors began formal examination procedure “Assess strategic alternatives” that “stimulated growth and create and maximize value” for shareholders. It seems that in this process the Board of Directors began to consider the crypto currency seriously.

In February 2025. The company announced that it had acquired a 10% share in the capital in Armchair Enterprises Limited, a company that owns Cryptocasino.comAs part of the strategy to become “the first company on Nasdaq focused on the crypto play.”

“We carefully evaluated more than two tenths of convincing opportunities,” said Sharplink UA CEO releaseReference to the Committee Review Procedure. “AND [we] It has been found that a combination of market expansion, cost effectiveness, safety and demand for the players are a crypto playing to one of the most promising growth options in the Internet game industry today. “

However, this initial cryptic turn was not enough to prevent Sbet shares from drop 60.8%, from $ 5.75 to $ 2.26, over the next two and a half months.

During this period Sharplink announced a The reverse part of the stock divided Stay above Naddaq’s shares price minimum request of $ 1. And then a $ 4.5 million in public offers To regain “adhering to the minimum requirement of NASDAQ for the overall capital of the shareholder.”

Things were existential for Sharplink. But that was before the Ethereum treasury strategy led to $ 420% at $ 35 per share on Tuesday – and now it is more than doublement.

Who is the Executive Director of SHARPLINK?

Rob Phithian was confronted by Sharplkink still serving as his executive director and chairman of the Board of Directors. And now he’s Ethereum Michael Saylor.

Pithian founded Sharplink after spending almost nine and a half years as executive director Sportshub TechnologiesA company that created games and apps for sports game websites. Previously, he also faced Sportsdata LLC, a creator of sports experience, and served as executive director and president.

During his stay in Sportshub, he called him Local business publication As one of the best 100 people known in Minnesota. Phithian welcomed the pioneer and “godfather of sports technology”.

Said one former business partner Decipher that he has great respect for Pithian.

“I worked with goods maybe 10 or 15 years ago [an unnamed] The owner to play skills ”, Matthew WarnefordCreater Executive Roblox Game Dubit, he said Decipher. “Rob is a great guy, very smart and it’s good to work. Have nothing but positive things to say.”

Until 2023, now executive director of Sharplink, Phithian, his company, has begun to accept artificial intelligence. In the guest blog for Sports,, He singled out a future in which AI could help personalize the experience of sports fans, at the same time deprived of the concern that the AI ​​was out too generic because he believed the tide was turning.

A year later, it was clear that the company needed a new direction, and Pythian led the company through the move to a crypto play.

And now he runs Sharplink to his next phase as a microstrategy of Ethereum. The question is now: will it succeed?

If Phithian follows a Saylor’s book, then the next step will be the sale of shares or debt against these shares, buy more Ethereum. Then rise and repeat. That’s probably good for ETH – and maybe even Sbet shareholders. But what it means for Sharplink as a job, the question is. It’s a gambling, but one that seems to be worth it so far.