SharpLink affiliate platform now part of Ethereum treasury

On June 4th, 2025, SharpLink made waves by becoming the first publicly traded company to raise capital specifically for purchasing Ether, the cryptocurrency of Ethereum. This move mirrors MicroStrategy’s strategy with Bitcoin and marks a significant shift for SharpLink, a company primarily focused on operating an affiliate network for online casinos and sports betting.

The decision to invest $425 million in Ether was not a random choice but had a personal background. ConsenSys, a major player in the Ethereum ecosystem, provided much of the funding for this venture. As a result of the deal, Joe Lubin, the founder of ConsenSys, will take on the role of chairman of the board at SharpLink. This partnership highlights the increasing recognition in capital markets of the value of programmable assets like ETH in shaping global financial systems.

Similar to MicroStrategy, SharpLink’s stock price has seen significant fluctuations following this announcement. While it experienced a substantial increase from less than three dollars to nearly eighty dollars at its peak, the stock has since settled at over fifty dollars. Despite this pullback, it still remains in a profitable zone, marking an increase of almost 2,000 percent.

However, a long-term perspective reveals a pattern that is all too familiar to enthusiasts of cryptocurrencies – a cycle of peaks followed by gradual declines. SharpLink’s stock chart, in particular, paints a bleak picture of these fluctuations. The recent climb in stock price is impressive at a glance, but when viewed in the context of past prices, it is a stark reminder of the company’s declining value over the years.

The real intrigue lies in the valuation of SharpLink as a company investing millions in Ether while being valued at only $35 million. This raises questions about market expectations for the future price of Ether and the perceived value of companies entering the cryptocurrency space. Despite its past struggles, SharpLink’s new focus on Ethereum and the support from ConsenSys brings a new dimension to its future prospects.

The decision for ConsenSys to invest in SharpLink rather than establish its own treasury or joint-stock company raises speculation about regulatory considerations and the strategic optics of accumulating Ethereum through a seemingly unrelated entity. Moving forward, SharpLink’s core business will take a backseat to its role as a representation of Ether’s value in the stock market.

The partnership between SharpLink and ConsenSys signifies a growing trend of companies incorporating cryptocurrencies into their financial strategies. As the market continues to evolve, the success of SharpLink’s Ether strategy will offer insights into the relationship between traditional companies and digital assets like Ether.