$SharpLink Gaming(SBET)$ SharpLink Gaming will ring the Nasdaq closing bell on July 7, celebrating its ETH holdings surpassing 200,000. The latest OTC transaction has pushed the treasury to 200,905 ETH, valued at approximately $516 million, accounting for about 65% of the market cap; all ETH is being staked, and management claims to continue "accumulate-stake-speed up ETH-per-share." However, funding mainly relies on ATM equity issuance: DEF 14A plans to further increase its capital stock, with dilution concerns remaining.
The options market indicates speculative temperature: 30-day implied volatility at 172%, IV Rank at 95%; 7/18 contract implied volatility at 190%, open interest expanded 2.7 times compared to the 30-day average, Put-Call ratio at 0.33, chips concentrated in the $10–15 range, with a daily expected volatility of ±21%. High volatility means "wrong direction = double punishment."
