Shares in SharpLink Gaming (SBET) have dropped over 38% since the market opened, despite a recent surge linked to the company's finalization of a $425 million financing round for significant Ethereum purchases. The firm plans to use this funding to create an Ethereum-focused digital asset treasury, aiming to become the largest publicly traded holder of ETH. Following an impressive climb from $6 to $124 over the past month, the stock has fallen to approximately $47.16. It remains up over 1,162% from a month ago. The investment round, led by Ethereum co-founder Joseph Lubin and Consensys, also attracted participation from notable investors such as Galaxy Digital and Pantera Capital. This shift towards digital asset treasuries is consistent with trends seen in other publicly traded companies, although SharpLink is notably focusing on Ethereum instead of Bitcoin. Despite recent performance criticisms, Ethereum has seen renewed optimism following a price surge in May, and industry experts predict potential price increases for ETH in 2025.

Source đź”—