$125 Million Ethereum On-Chain Fund Initiative
Prefer us on GoogleGalaxy Digital and SharpLink Gaming are pushing to establish a $125 million Ethereum on-chain yield fund. According to a non-binding memorandum of understanding (MOU) signed by the two companies, $100 million will come from SharpLink Gaming's staked Ethereum assets, while $25 million will be contributed by Galaxy Digital. The fund is expected to allocate assets to DeFi liquidity protocols and other on-chain yield strategies. Galaxy Digital will act as the investment manager, responsible for protocol selection, determining investment amounts, and post-management monitoring. SharpLink Gaming anticipates that the fund will launch within a few weeks, although this is contingent upon the finalization of contracts and the deposit of funds. The CEO of Galaxy Digital noted that institutional capital is moving on-chain and explained that on-chain infrastructure is accessible to asset allocators who require traditional market standards. According to SharpLink Gaming's Q1 disclosure, Ethereum holdings increased from 870,821 as of March 31 to 872,984 on May 4. However, there is also a possibility that the fund may not launch as planned or that funds may not be deposited. Documents from the U.S. Securities and Exchange Commission (SEC) describe the MOU as a $125 million initiative and specify that it is a pre-contractual stage.
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