The shares of the company preparing to buy ETH fell by 70 percent.

Shares of SharpLink Gaming, a crypto custody company focused on ETH that is traded on Nasdaq, lost nearly 70% of their value in after-hours trading yesterday. The plummet came after the company filed a notice with the SEC allowing for the resale of 58 million 700 thousand shares.

Joseph Lubin, the CEO of Consensys and the chairman of the board of SharpLink’s major investor, stated that the application made is merely a technical procedure. “Such notifications are made for potential sales by investors. There is no actual sale involved,” he said. Consensys’s legal advisor Matt Corva also mentioned that the panic selling in the market is a “FUD” created by those who do not know the process or mislead others, spreading false news to create fear.

SharpLink announced last month that it plans to raise up to 1 billion dollars to purchase Ethereum (ETH). The company had recently received a 425 million dollar investment led by Consensys.

The CEO of the crypto-focused data analysis company BTCS, Charles Allen, suggested that SharpLink may have already raised these funds and could reverse the plummet in the shares with a surprise announcement of an ETH purchase.

Charles Allen said, “If a $1 billion Ethereum purchase is announced tomorrow, it could rejuvenate stock prices.”

Published: June 13, 2025 14:46