Latest news with #SharpLinkGaming
Bloomberg
3 days ago
- Business
- Bloomberg
Crypto-Treasury Stock Investors Brace for Routine SEC Filings
Ryan Weeks takes a look at the SEC filing that matters most for investors of crypto-treasury companies. Shares in SharpLink Gaming Inc. — a budding Ether-treasury company — plunged last week after what the company's chairman and Ethereum co-founder Joe Lubin brushed off as a routine filing.
Yahoo
6 days ago
- Business
- Yahoo
Ethereum Treasury Firm SharpLink Gaming Plunges 70% – But There May Be a Twist
SharpLink Gaming (SBET), a Nasdaq-listed company that is pursuing an ether ETH treasury strategy, tumbled 70% on Thursday in after-hours trading following a fresh filing to the U.S. Securities and Exchange Commission. The company submitted an S-3ASR registration statement, enabling the resale of up to 58,699,760 shares related to its private investment in public equity (PIPE) financing. The Thursday filing allows more than 100 shareholders in the PIPE round to sell their shares, effectively flooding the market and triggering a post-close sell-off, Charles Allen, CEO of BTCS, a publicly-traded firm that's pursuing crypto reserve strategy, explained in an X post and an interview with CoinDesk. The company raised $450 million earlier this month through a PIPE round from a wide range of investors, including ConsenSys, Galaxy, and Pantera Capital, to acquire ETH for its treasury. Ethereum co-founder and ConsenSys CEO Joseph Lubin also joined the firm as board chairman. However, there may be a larger strategy behind the latest move. Allen said in an X post that he thinks the company may have quietly raised up to $1 billion to buy more ETH using an at-the-market (ATM) offering that was previously announced in a May 30 SEC filing. "If they played cards right, they would expect a surprise PR tomorrow with $1B of ETH purchases, which could light the match to reignite the stock," he said. ETH is down 4.1% over the past 24 hours at around $2,650 as bitcoin and the broader crypto markets in retrieving data Sign in to access your portfolio Error in retrieving data
Business Insider
7 days ago
- Business
- Business Insider
SharpLink Gaming Stock (SBET) Sinks 65% on $463M Ethereum Purchase
SharpLink Gaming (SBET) stock sank on Friday after the online gaming and sports betting company purchased 176,271 Ethereum (ETH) for $462,947,816. This had the company pay an average of $2,626 per ETH. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Rob Phythian, CEO of SharpLink Gaming, said, 'Our decision to make ETH our primary treasury reserve asset reflects deep conviction in its role as programmable, yield-bearing digital capital.' SharpLink Gaming Chairman Joseph Lubin, who also co-founded Ethereum, agreed with Phythian's statements. SBET stock was down 67.51% during pre-market trading on Friday. However, the stock is still up 320.84% year-to-date. Today's drop comes with some 5.58 million shares traded, compared to a three-month daily average of 4.16 million shares. Is SharpLink Gaming Stock a Buy, Sell, or Hold? Wall Street's coverage of SharpLink Gaming is thin, but TipRanks' AI analyst, Spark, has the shares covered. Spark rates SBET stock an Underperform (40) with no price target. It highlights 'weak financial performance, characterized by declining revenues and persistent losses' as reasons for this bearish stance.
Yahoo
7 days ago
- Business
- Yahoo
SEC filing triggers 70% drop in marketing company stock
SEC filing triggers 70% drop in marketing company stock originally appeared on TheStreet. SharpLink Gaming Inc. (NASDAQ: SBET) shares dropped 73% over the last week, closing Thursday afternoon at $10.05 after trading over $38 earlier in the week. The selloff was prompted by a U.S. Securities and Exchange Commission (SEC) filing, which investors misinterpreted as a large-scale insider sale. The filing followed up on a shelf registration statement linked to approximately 58.7 million shares, as part of SharpLink's $425 million private investment in public equity (PIPE) raise last month. While this kind of S-3 filing is routine following a large capital raise like that, its timing sparked panic. Trading in the stock surged as the price plummeted almost 75% in after-hours trading on June 12 and then steadied at around $10. The leaders of SharpLink acted quickly to calm the market. Both the co-founder of Ethereum and chairman of SharpLink, Joseph Lubin, and ConsenSys's general counsel stated that neither they nor any of SharpLink's insiders had sold any stock. Instead, the document filed was registering shares that would be sold in the future. PIPE funds were used earlier this month to purchase more than 176,000 ETH, worth approximately $463 million, making SharpLink one of the largest institutional ETH holders behind the Ethereum Foundation. The firm has also been increasingly accessing new sources of funds via an at-the-market (ATM) equity offering program, which has dedicated $1 billion for the future purchase of ETH. Underlining the market response as a "prisoner's dilemma," CEO Charles Allen said worries of dilution drove preemptive selling. Although the principles remain the same, investor mood may depend on the company's next action regarding ETH and improved communications ahead. At press time, Ethereum was trading at $2,529.44, down over 7% in the last 24 hours, as per Kraken. SEC filing triggers 70% drop in marketing company stock first appeared on TheStreet on Jun 13, 2025 This story was originally reported by TheStreet on Jun 13, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
13-06-2025
- Business
- Bloomberg
Ethereum Treasury Firm SharpLink Plunges 69% on Routine Filing
Shares of SharpLink Gaming Inc. plunged 69% on Friday following the registration of shares for a group of investors, a move the company's chairman defended as standard procedure. The firm, which is becoming an Ether treasury company, announced a $425 million private investment in public equity last month that would see investors led by Consensys Software Inc. buying 69.1 million shares of SharpLink or their equivalent, according to a statement at the time.
