SharpLink Gaming is an online casino that has made headlines after an ETH-focused investment, which has fallen by 75% in after-hours trading. All signs point towards the investor crashing out of shares.
As per the sources, the company submitted an S-3 form to the SEC to sell additional shares. Not a confirmed report, but the reason presented by the company is to procure funds to buy more ETH.
ETH Treasury Move
The form is detailed about the company’s prior PIPE sale. Therefore, the intent to sell off shares seems quite strong. The NASDAQ listed price of the firm was hovering around the $32.53 mark. However, post the filing, theprice dropped to $8.11. This 75% crashout is alarming and has put people on edge.
On May 27th, the firm announced that it is creating a private share pool amounting to $425 million in ETH. This notable move was one of the first-ever strategies implemented by a firm surrounbding ETH.
Even though there are other firms that are doing the same thing, but none of them are putting ETH in the forefront. However, sharpLink understands that void and makes active attempt to fill them.
Hence, industry experts believe that this could be the beginning of yet another chapter for crypto treasury industry.
