The gaming company has become one of the largest corporate holders of $ETH
after massive recent buys.
SharpLink Gaming’s stock (SBET) took a sharp hit on Friday, sliding over 20%, just a day after the company filed to increase its stock sale target from $1 billion to a staggering $6 billion.
The Minnesota-based firm, which has pivoted towards building a massive Ethereum treasury, recently bought $48 million worth of ETH on Monday and followed up with an even larger $225 million purchase on Tuesday.
Despite Friday’s dip, SharpLink shares remain 16% higher over the past week, thanks to earlier gains following its ETH acquisitions. The company’s stock had surged more than 330% since late May, driven by a $425 million private placement to fund its Ethereum-buying spree.
SharpLink now holds the title of the largest corporate ETH accumulator, according to Arkham data.