TechFlow news, on June 13, according to Decrypt, SharpLink Gaming, which recently announced the establishment of an Ethereum treasury, saw its stock price plunge over 70% in after-hours trading on Thursday, dropping from a closing price of $32.53 to $10.35, and briefly falling below $8.
Reports suggest the sharp decline may be linked to the company's S-3 registration statement filed with the U.S. Securities and Exchange Commission (SEC), which some market participants misinterpreted as indicating PIPE financing participants had sold their shares. Joseph Lubin, co-founder of Ethereum, CEO of Consensys, and Chairman of SharpLink’s board, clarified on social media that the filing was merely a registration for potential resale by prior investors, that the "shares beneficially owned after offering" column contained hypothetical data, and confirmed neither he nor Consensys had sold any shares.
Yesterday, news emerged that SharpLink Gaming plans to raise $1 billion to increase its ETH holdings. Following this announcement, SharpLink Gaming (SBET) stock rose 37.6%.
