Deeply Unveiling the Magic of SharpLink's Crazy Purchase of ETH on the US Stock Exchange | From a Market Value of 2 Million on the brink of delisting to a Market Value of 2.5 Billion US Dollars Overnight, just like going public through a backdoor listing, US stock companies on the brink of delisting began to use this shell to "pack coins". Last Tuesday, SharpLink Gaming Inc. was still a company focused on online marketing of sports lottery tickets, with a stock price of approximately $2.91 per share and a market value of only about $2 million. Although it is still listed on NASDAQ, it is actually in jeopardy. A few weeks ago, it conducted a reverse stock split to maintain a stock price not lower than the Nasdaq's minimum requirement of $1, while also failing to meet Nasdaq's basic requirement of at least $2.5 million in shareholder equity. So, SharpLink announced a round of stock issuance on the same day, raising $4.5 million at a price of $2.94 per share. The official statement is that this funding will be used to 'restore compliance with the minimum requirements for Nasdaq shareholder equity'. However, the company also added, "We may use some of the funds to purchase cryptocurrencies to complement a treasury strategy we are considering To be honest, it's not surprising to do so. Strictly speaking, SharpLink is certainly a listed company, but by realistic standards, it is more like an existence with a "listing shell" - with a market value of $2 million and annual revenue of only a few million dollars, such a scale is difficult to sustain the various operational and compliance costs of being a listed company. In the past, this was a problem. But in 2025, this has instead become an opportunity. SharpLink has two assets that are highly sought after but relatively scarce in the current market: 1. It has a shell of a US listed company; 2. And basically didn't use this shell much for anything. This makes it an ideal target company for "transforming into a cryptocurrency vault". As I used to say, the US stock market is willing to pay more than $2 for a $1 cryptocurrency asset. This phenomenon has long been discovered by entrepreneurs in the cryptocurrency industry. If you have a large amount of Bitcoin, Ethereum, Solana, Dogecoin, or even TRUMP, the best way is to put them in a US listed company and sell them to investors in the secondary market at a higher price. But if you want to do this, first you need a listed company. However, such shell resources are not abundant, and most high-quality companies are already very busy themselves. If you call Apple Inc. and say, 'We want to merge our Dogecoin with yours to make them more valuable,' Apple will definitely reject you. The real opportunity lies in those marginal listed companies: they are still in the market, but only barely hanging out. The phone numbers of these companies are now being hacked every day. So we saw this news release: SharpLink Gaming announced a $425 million private placement and officially launched its Ethereum vault strategy... SharpLink continues to operate as a company focused on providing performance oriented online marketing services for the US sports lottery industry. According to the announcement, SharpLink will officially launch its Ethereum Treasury Strategy after the private placement is completed; Joseph Lubin, founder and CEO of Consensys and co-founder of Ethereum, will serve as Chairman of the Board of SharpLink after the completion of the private equity transaction; The investors in this round of private equity financing include multiple well-known cryptocurrency venture capitalists and infrastructure companies, such as ParaFi Capital、Electric Capital、Pantera Capital、Arrington Capital、Galaxy Digital、Ondo、White Star Capital、GSR、Hivemind Capital、Hypersphere、Primitive Ventures And Republic Digital and others. In other words, Consensys, a blockchain software company led by the co founders of Ethereum, hopes to operate an Ethereum asset pool worth $425 million, and the capital market values this asset much higher than its actual value. SharpLink happens to be the ideal 'shell resource' to achieve this goal. Therefore, Consensys and its joint investors will invest $425 million to purchase SharpLink's stock at a price of $6.15 per share, and SharpLink will use this funding to purchase Ethereum (ETH). At the opening today, SharpLink's stock price was $33.93, and as of 1:30 pm, the trading price was around $35, with the company's market value reaching $2.5 billion. In other words, this Ethereum asset worth $425 million has a valuation of $2.5 billion on the US stock market. It should be noted that SharpLink currently does not hold any Ethereum. The investors provided US dollars, not Ethereum. This is not 'we already have a lot of ETH in our hands, why don't we take it public', but 'since the US stock market is willing to buy 1 dollar worth of ETH for 2 or even 6 dollars, of course we need to take advantage of this arbitrage opportunity'. From a certain perspective, this is almost an open arbitrage opportunity. In theory, anyone with hundreds of millions of dollars in cash can go to the market to buy cryptocurrency, and then put it into the shell of a listed company. The US stock market will immediately give more than five times the book profit. What you really need, besides startup capital, is to find a small listed company that can 'load coins'.