{"id":31638,"date":"2025-06-13T01:01:56","date_gmt":"2025-06-13T01:01:56","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=31638"},"modified":"2025-06-13T01:01:56","modified_gmt":"2025-06-13T01:01:56","slug":"ethereum-treasury-firm-sharplink-gaming-plunges-70-but-there-may-be-a-twist","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=31638","title":{"rendered":"Ethereum Treasury Firm SharpLink Gaming Plunges 70% \u2013 But There May Be a Twist"},"content":{"rendered":"<div>\n<p>SharpLink Gaming (SBET), a Nasdaq-listed company that is pursuing an ether ETH treasury strategy, tumbled 70% on Thursday in after-hours trading following a fresh filing to the U.S. Securities and Exchange Commission.<\/p>\n<p>The company submitted an <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1981535\/000164117225014878\/forms-3asr.htm\">S-3ASR registration statement<\/a>, enabling the resale of up to 58,699,760 shares related to its private investment in public equity (PIPE) financing. <\/p>\n<p>The Thursday filing allows more than 100 shareholders in the PIPE round to sell their shares, effectively flooding the market and triggering a post-close sell-off, Charles Allen, CEO of BTCS, a publicly-traded firm that&#8217;s pursuing crypto reserve strategy, explained in an <a href=\"https:\/\/x.com\/Charles_BTCS\/status\/1933285604772454467\">X post<\/a> and an interview with CoinDesk.<\/p>\n<p>The company raised $450 million earlier this month through a PIPE round from a wide range of investors, including ConsenSys, Galaxy, and Pantera Capital, to acquire ETH for its treasury. Ethereum co-founder and ConsenSys CEO Joseph Lubin also joined the firm as board chairman.<\/p>\n<p>However, there may be a larger strategy behind the latest move.<\/p>\n<p>Allen said in an X post that he thinks the company may have quietly raised up to $1 billion to buy more ETH using an at-the-market (ATM) offering that was previously announced in a May 30 <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1981535\/000164117225013115\/forms-3asr.htm\">SEC filing<\/a>.<\/p>\n<p>&#8220;If they played cards right, they would expect a surprise PR tomorrow with $1B of ETH purchases, which could light the match to reignite the stock,&#8221; he said.<\/p>\n<p>ETH is down 4.1% over the past 24 hours at around $2,650 as bitcoin and the broader crypto markets slid.<\/p>\n<p><strong><em>Read more: <a href=\"https:\/\/www.coindesk.com\/markets\/2025\/06\/12\/crypto-cracks-late-in-day-bitcoin-slumps-below-106k\">Crypto Cracks Late in Day, Bitcoin Slumps Below $106K<\/a><\/em><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>SharpLink Gaming (SBET), a Nasdaq-listed company that is pursuing an ether ETH treasury strategy, tumbled 70% on Thursday in after-hours trading following a fresh filing to the U.S. Securities and Exchange Commission. The company submitted an S-3ASR registration statement, enabling the resale of up to 58,699,760 shares related to its private investment in public equity [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-31638","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/31638","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=31638"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/31638\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=31638"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=31638"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=31638"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}