SharpLink Gaming has acquired 176,271 ether for nearly $463 million, making it the largest ETH holder among publicly traded companies. The acquisition was funded through a $79 million raise utilizing the firm's at-the-market facility, aimed primarily at purchasing ETH. The announcement followed a regulatory filing allowing private placement investors to sell shares, resulting in a 70% drop in stock price after hours. Despite the current decline of 66% in share value on Friday, the stock is still over 500% higher than prior to the company’s pivot toward a crypto treasury strategy introduced weeks ago. Earlier in June, SharpLink raised $450 million through a private round from various investors to bolster its ETH holdings. Shares had previously surged over 4,300% following the announcement of the firm’s new strategy. However, concerns related to using the ATM for broader crypto acquisitions have impacted share prices, reflecting significant volatility in the market.

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