🔥Sharplink Gaming announces purchase of ETH as reserve asset and its stock price falls 🤯
The sports betting platform Sharplink Gaming (SBET) announced the acquisition of
#ETH , as part of a plan to have the asset as part of its reserves. The company bought 176,271 ETH for a value of $463 million this Friday.
It is very ironic what is happening to this company, as on May 27 the company had already announced that it was going to adopt ETH as a
#activo reserve, which caused its stock price to increase by 400%. However, this lasted little as it later announced that, in order to do so, they registered that they would have a "possible resale of common shares," which caused its stock price to plummet today by 73%.
The key word is in the "possible resale of shares" as this is a formality to submit a request to the U.S. Securities and Exchange Commission and is not a real sale, according to Joseph Lubin, president of Sharplink Gaming.
In addition, the Nasdaq-listed company announced on Friday that it acquired ETH at an average price of $2,626 per cryptocurrency and is currently the second largest holder of ETH listed on the stock market in the world.
The interesting thing to highlight here is that a new strategy for adopting
#Criptomonedas as reserve assets is already starting to be seen, so Bitcoin would not be the only asset to consider if companies want to take the same path. And even more is that this ETH will not only be stored but generating returns, as the company announced that it will use it on
#staking platforms. Crazy!
Will this be a good strategy for companies?.
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