Shares of SharpLink Gaming, a Minneapolis-based online gambling marketer, fell more than 70% in after-hours trading on June 12, 2025, following the company's SEC filing of an S-3 shelf prospectus to potentially sell securities. This decline came only weeks after the company announced plans to create an Ethereum treasury, raising $425 million in a PIPE offering, which previously boosted its stock price significantly. SharpLink's shares had risen to nearly $80 after the announcement but closed at $32.53 before the filing. Confusion arose from the SEC filing, where it appeared some PIPE participants had sold off their shares. However, Joseph Lubin, the Chairman of SharpLink and co-founder of Ethereum, clarified that the filing is standard procedure and does not indicate actual sales of shares. The company's pivot towards establishing a crypto treasury aligns with a trend among public companies to explore cryptocurrency as a financial strategy.

Source đź”—