Overview

• SharpLink Gaming’s stock plunged by over 70% in after-hours trading on June 12 after it filed an SEC S-3ASR shelf prospectus for its Ethereum treasury.
• The registration statement opened the door for early PIPE investors to resell up to 58.7 million shares, though no actual disposals have occurred.
• In May, SharpLink raised between $425 million and $450 million in a PIPE offering backed by ConsenSys, Galaxy Digital, ParaFi Capital, Ondo and Pantera Capital to acquire ETH.
• The company holds roughly 176,270 ETH, making it the largest publicly traded entity by Ethereum holdings.
• Market observers have speculated that SharpLink may be raising up to $1 billion through an at-the-market offering to fund further ETH purchases.