SharpLink Gaming (SBET), a Minneapolis-based sports marketing company, saw its shares skyrocket 412% on Tuesday after unveiling plans to establish an Ethereum treasury reserve strategy, led by none other than Ethereum co-founder Joseph Lubin.

The company’s stock surged from $7 last Friday to $34.45, pushing its market cap to around $23 million. SharpLink aims to raise approximately $425 million through a private investment in public equity (PIPE) offering, with the funds earmarked for purchasing ether (ETH) to serve as the company’s primary treasury asset.

Leading the round is Consensys, the Ethereum-focused software company co-founded by Lubin himself. Other prominent investors joining the initiative include Pantera Capital, Galaxy Digital, and Ondo Capital, alongside a handful of smaller firms.

The offering is slated to close on May 29, at which point Lubin will take the helm as chairman of SharpLink’s board, marking a significant strategic shift for the company.

SharpLink’s bold move follows a trend of microcap firms adopting cryptocurrency treasury strategies, inspired by the dramatic growth of MicroStrategy (MSTR), which has seen its shares soar more than 3,000% over the past five years.

On the same day, Trump Media & Technology Group (DJT) also announced a $2.5 billion capital raise to kickstart its bitcoin treasury plan, underscoring the growing momentum behind crypto treasury adoption in public markets.