Sharplink Gaming (SBET), a company listed at the Nasdaq which pursues an ether
The Treasury Strategy fell 70% on Thursday in the event of negotiation after working hours following a new deposit with the American Commission for Securities and Exchange.
The company has submitted a S-3ASR registration declaration, allowing resale of up to 58,699,760 actions related to its private investment in the financing of public equity (PIP).
Thursday’s file allows more than 100 shareholders of the pipe tour to sell their shares, effectively flooding the market and triggering a post-high sale
Explained in a Post X and an interview with Coindesk.
Decompose what has just happened @SharpLinkgaming conduit by @Thereumjoseph After hours.
The stock is down 70% – but why? 🧵
At 4:38 p.m., they deposited a S -3ASR – automatically effective because they are now a WKSI (yes, they have obtained the golden ticket). This means that the 111 sold … pic.twitter.com/trib8qtlqe– Charles Allen (@Charles_Btcs) June 12, 2025
The company raised $ 450 million earlier this month thanks to a pipe tour of a wide range of investors, including Consensys, Galaxy and Pantera Capital, to acquire ETH for its treasure. The co -founder of Ethereum and CEO of Consensys, Joseph Lubin, also joined the cabinet as chairman of the board of directors.
However, there can be a wider strategy behind the last blow.
Allen said in an X post that he thought that the company may have been quietly lifted up to 1 billion dollars to buy more ETH using a market offer (ATM) which had been previously announced in a May 30 file.
“If they played cards properly, they would expect a surprise Professor tomorrow with $ 1 billion in ETH purchases, which could turn on the match to rekindle the stock,” he said.
ETH is down 4.1% in the last 24 hours to around $ 2,650 while Bitcoin and wider cryptography markets slipped.
Read more: Crypto cracks late during the day, Bitcoin collapses below $ 106,000
