SharpLink Gaming Stock Falls Back to Earth Following Ethereum Treasury Pivot
Summary
SharpLink Gaming shares have fallen over 38% since market opening, trading at $47.16, down from a peak of $124 last week. The company finalized a $425 million investment round to acquire Ethereum, with Ethereum co-founder Joseph Lubin becoming chairman. Despite the drop, shares are up 1,162% over the past month. SharpLink aims to establish a digital asset treasury focused on Ethereum, becoming the largest publicly traded holder of ETH. The firm joins other companies adopting digital asset treasuries, including those led by notable investors like Galaxy Digital and Pantera Capital. Ethereum has seen renewed optimism following a price surge and is currently the best-performing coin in the top 10 by market cap.
