$SharpLink Gaming(SBET)$ 【ETH Micro Strategy: Value Inversion or Dilution Trap?】

SharpLink Gaming ($SBET) completed three moves in just half a month: first, it raised $425 million at a fixed price of $6.15, led by Ethereum co-founder Joseph Lubin, announcing the strategy of treating ETH as cash; then signed a $1 billion ATM, continuing to convert the proceeds from stock sales into cryptocurrency; on June 12, the S-3 filing allowed private placement shares to circulate in the future, but was misread as 'immediate sell-off', causing the stock price to plunge by 70% instantly.

On June 13, the company disclosed that it had spent $463 million to purchase 176,271 ETH and staked 95% of it, but trading during the day still closed at $9.21 due to the aftermath of the sell-off; it was only two hours after the market closed that short covering and the 'ETH Treasury' logic ignited a rebound.

With the latest after-hours price estimated at $10.45, the market capitalization is approximately $640 million, almost equal to the cost of the held and to-be-purchased ETH—shareholders are essentially using a sports marketing shell to leverage a massive purchase of ETH. If ETH rises, every $1 increase can directly amplify net assets; conversely, the fair value loss of on-chain assets plus ATM dilution will also amplify downward risks.

The core issue is not whether 'it will drop again', but how to value such holding companies: is it at a discount like 'quasi-ETF' or at a premium for operation + staking returns? The market is providing answers through extreme volatility.

How do you view SharpLink's 'ETH + Shell Company' experiment? Stay tuned for follow-up tracking.

Not investment advice.