Sharplink Gaming an online performance marketing company working with sportsbooks and online casino gaming operators, has announced a $425 million private investment in public equity (PIPE) deal, the proceeds of which will be used to support its adoption of Ethereum as its primary treasury reverse asset.

The news saw shares of Minnesota-based Sharplink pop more than 530% to about $42 on Tuesday afternoon. ConsenSys Software, led by Ethereum co-founder Joseph Lubin, is acting as the lead investor in the offering. Lubin will join Sharplink’s board upon the deal closing.

Other participants include notable crypto venture capital firms such as ParaFi Capital, Electric Capital, and Pantera Capital.

“This is a significant milestone in SharpLink’s journey and marks an expansion beyond our core business,” Sharplink CEO Rob Phythian said in a statement.

Lubin added: “This is an exciting time for the Ethereum community, and I am delighted to work with Rob and the team to bring the Ethereum opportunity to public markets.”

For the PIPE deal, Sharplink is offering about 69.1 million shares at around $6.15 each, with closing expected on May 29.