Sharplink Gaming (Sbet), a company that quotes in Nasdaq that pursues an ether
Treasury strategy, 70% fell on Thursday in negotiation after a schedule after a new presentation before the United States Stock Exchange and Securities Commission.
The company filed a S-3ASR registration statement, which allowed the resale of up to 58,699,760 actions related to its private investment financing in public capital (pipes).
Thursday’s presentation allows more than 100 shareholders in the pipe round to sell their shares, effectively flood the market and cause a sales sale after closing, CEO, CEO of BTCS, a public contributed company that pursues the crypto reserve strategy
explained in an X post and an interview with Coindesk.
Let’s break up what just happened with @Sharplinkgaming directed by @etherumjosph after hours.
The action has dropped 70%, but why? 🧵
At 4:38 pm, they presented an S-3asr, automatically effective because they are now a WKSI (yes, they obtained the gold ticket). That means that 111 sell … pic.twitter.com/trib8qtlqe– Charles Allen (@Charles_BTCS) June 12, 2025
The company raised $ 450 million earlier this month through a round of pipes of a wide range of investors, including consensys, galaxy and capital panther, to acquire ETH for its treasure. The co -founder and CEO of Ethereum, Joseph Lubin, also joined the firm as president of the Board.
However, there may be a bigger strategy behind the last movement.
Allen said in an X publication that he believes that the company may have silently raised up to $ 1 billion to buy more ETH using an offer in the market (ATM) that was previously announced in a presentation of May 30.
“If they played the cards well, they would expect a surprise RP tomorrow with $ 1b of ETH shopping, which could illuminate the game to revive the shares,” he said.
ETH has dropped 4.1% in the last 24 hours to around $ 2,650 as Bitcoin slides and the wider cryptography markets.
Read more: Crypto Cracks At the end of the day, Bitcoin falls below $ 106k
