So, Sharplink Gaming (SBET) decided to be the first public company to dive into the Ethereum treasury pool. Spoiler alert: it’s not going swimmingly. Their shares have taken a nosedive, and investors are apparently ready to jump ship faster than you can say “blockchain.” 🚢💨
Sharplink Gaming’s Stock Takes a Dive – Who Knew Ethereum Could Be So Unstable?
In a dramatic twist, Steven Lubka, the VP of investor relations at Nakamoto, took to X (formerly Twitter, because why not?) to announce a jaw-dropping 72% drop in Sharplink Gaming’s stock after hours. He boldly suggested that maybe, just maybe, a Bitcoin Treasury Reserve is a better idea than an Ethereum one. Shocking, right? 🙄
According to Bitcoinist, Sharplink launched a whopping $425 million Ethereum reserve plan, making them the first public company to do so. They even completed a private placement offering earlier this month to fund this grand adventure. And guess what? They appointed Joseph Lubin, the big cheese at Consensys, as Chairman. Because nothing says “trust us” like a big name, right? 🤷♀️
But wait, there’s more! Rumors started swirling that everyone who bought into the private placement was itching to offload their shares. Journalist Steven spilled the tea that practically every participant in SBET’s private placement is ready to dump their shares less than a month after the Ethereum Treasury strategy was announced. Talk about a hot potato! 🔥🥔
This revelation likely sent investors into a panic, contributing to the stock crash. But don’t worry, Sharplink Gaming has plans to boost its ETH Treasury Reserve even more. They’ve filed a $1 billion shelf offering with the US Securities and Exchange Commission to scoop up more Ethereum. Because why not throw more money at a sinking ship? 💸
Joseph Lubin Sets the Record Straight – Or Does He?
In another twist, Joseph Lubin took to X to address the swirling rumors about selling SBET stocks from the private placement. He explained that some folks are misreading the S-3 filing, which is just a fancy way of saying they’re registering shares for potential resale. It’s not an actual sale, folks! Just standard post-PIPE procedure in traditional finance (TradFi). So, relax, everyone! 😅
Despite the chaos, MarketWatch data shows that SBET stock is still up over 300% year-to-date (YTD). And since adopting Ethereum as a reserve asset, it’s up over 1,000%. So, maybe there’s hope yet? Or maybe it’s just a wild rollercoaster ride. 🎢
As of now, Ethereum is trading at around $2,500, down over 8% in the last 24 hours. Just another day in the crypto world, right? 🤷♂️
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2025-06-13 22:13