Sharplink Gaming Shares Plunge Amid Looming Ether Buy
Shares in Sharplink Gaming fell 73% in after-hours trading following a filing to register nearly 58.7 million common shares for potential resale. Chairman Joseph Lubin clarified that the filing is for potential resale, not an indication of actual sales, and emphasized that neither he nor Consensys has sold shares. The filing aligns with Sharplink's strategy to purchase Ether (ETH) as part of a new Ethereum-based treasury approach. The company's shares closed down 12.25% at $32.53 before dropping to under $8 after hours, later recovering slightly to $10.55. General counsel Matt Corva stated the filing is a standard procedure and does not reflect any immediate sales. Concerns among shareholders were noted, with suggestions that announcing the anticipated $1 billion Ether purchase could stabilize the stock.
