Sharplink Surpasses All Other Public ETH Holders with $462M Investment, Despite Stock Decline

Sharplink Gaming recently made a significant investment in the crypto world, becoming the largest public holder of Ethereum (ETH) with a $462 million purchase. The company did this by setting up an Ethereum Treasury Reserve. The funding for such a purchase came from a $425 million private placement deal and a $79 million at-the-market equity offering, demonstrating Sharplink’s dedication to developing a robust crypto reserve.

Despite the company's aggressive move into the Ethereum market, its stock faced significant volatility, dropping 12.25% to close at $32.50 and then further declining to $8 in after-hours trading. This dip came after Sharplink filed an S-3 registration with the SEC, indicating a potential resale of 58.7 million shares from a preceding private investment, which triggered selling due to dilution fears.