An $ETH version of "MicroStrategy" is rapidly emerging.

SharpLink—a small U.S. stock company once on the verge of being delisted—announced a $425.00 million financing round, incorporating $ETH as a core treasury asset, sparking heated discussions in the market.

SharpLink will issue 69.10 million shares via private placement at $6.15 per share. The financing is led by ConsenSys, with participation from mainstream institutions such as ParaFi, Pantera, and Galaxy. The company's CEO and CFO also participated in the subscription.

The funds will be used to purchase Ethereum, and Ethereum co-founder Joseph Lubin will serve as Chairman of the Board, marking a deep partnership between the two parties.

This move not only introduces $ETH to the treasury of a Nasdaq-listed company for the first time but also transforms SharpLink from a "marginal stock" with a $2.00 million market cap into an "Ethereum reserve company" valued at $2.50 billion. Its strategy is similar to MicroStrategy's Bitcoin treasury model, leading the market to call it an "$ETH version of Strategy."

SharpLink originally focused on sports betting marketing but faced long-term financial pressure. To escape the delisting crisis, the company sold its core business, implemented a 1-for-12 reverse stock split, and entered the CryptoCasino sector in early 2025, revealing signs of transformation. Now, with the massive investment from Ethereum supporters and the amplifying effect of the capital market, SharpLink is attempting to build a new financial model centered around ETH.

However, will future $ETH price fluctuations bring "leverage side effects"? Can SharpLink achieve an "on-chain premium" in the capital market like Strategy? Further market validation is still needed.

Regardless of success or failure, this attempt marks a crucial step for Ethereum assets entering the traditional financial system.