The Largest Public Company Acquisition in Ethereum History Has Arrived, Stock Price Plummeted!

SharpLink Gaming (SBET) became the largest ETH investor among public companies by purchasing $463 million worth of Ethereum (ETH), while its shares faced a sharp decline following an SEC filing.

Recently attracting attention with its Ethereum (ETH) investment, SharpLink Gaming (SBET) became the largest company holding Ethereum among Nasdaq-listed companies with its massive purchase. The company set a significant record by buying a total of $463 million worth of Ethereum. However, the company's shares faced significant selling pressure after an SEC registration.

SharpLink shares fell by 12.25% during normal trading on Thursday, dropping to $32.5, and then plummeted to $8 with more than 75% loss in after-hours trading. Following subsequent purchases, the shares rebounded slightly to $11.15. The reason for the sharp decline in shares was the S-3 registration filing made to the SEC. This filing indicates that more than 100 investors who acquired shares through private investment may resell approximately 58.7 million shares.

Has the sale occurred?

SharpLink Board Chairman and Consensys CEO Joseph Lubin stated that the sharp decline in shares was misinterpreted by the market. In a message he shared, Lubin said, “This registration is merely a procedure indicating that previous investors may sell their shares and does not reflect actual sales. Neither Consensys nor I have made any sales.”

SharpLink Gaming had previously announced plans to raise funds to purchase $1 billion worth of Ethereum. Some market analysts suggest that the company may reverse the stock decline by announcing new ETH purchases soon.