According to reports, SharpLink Gaming's stock price plummeted over 70% after hours on June 13, due to its submission of an S-3 registration statement to the U.S. SEC, which led the market to misunderstand that PIPE investors had significantly reduced their holdings.
The company announced in May that it had raised $425 million through PIPE financing to establish an Ethereum treasury. Consensys CEO and SharpLink Chairman Joseph Lubin stated that the 'post-sale holdings' column in the S-3 document is a hypothetical disclosure and does not represent actual sell-offs, and Consensys has not sold any shares.
