SharpLink Gaming Stock Surges Then Plunges After ETH Treasury Announcement

US sports betting firm SharpLink Gaming has launched an aggressive Ethereum-focused treasury strategy, filing with the SEC to offer up to $1 billion in stock to fund large-scale ETH purchases, while also naming Ethereum co-founder Joseph Lubin as chairman. The company aims to become the largest publicly traded holder of ETH, mirroring MicroStrategy’s Bitcoin play. In the latest developments, SharpLink finalized a $425 million funding round led by major crypto investors to kickstart ETH acquisitions. Despite this, its stock (SBET) fell 38% on June 2 after surging over 1,100% in May.

Sources: Cointelegraph and Decrypt