Sharplink gaming (sbet), a nasdaq -noted company pursuing an ether
Treasury Strategy, Tumed 70% Thursday in trade after hours after a fresh filing for the US security and exchange commission.
The company submitted an S-3Asr registration statement that enabled resale of up to 58,699,760 shares related to its private investment in public equity (PIPE) financing.
That archiving Thursday allows more than 100 shareholders in the pipeline to sell their shares that effectively flood the market and trigger a post-close sale, Charles Allen, CEO of BTCS, a listed company pursuing crypto reserve strategy centered on Bitcoin
Explained in an X post and an interview with Coindesk.
Let’s break down what just happened to @Sharplinkgaming Led by @ethereumjoseph After hours.
The stock is down 70% – but why? 🧵
At. At 16.38 they filed an S-3Asr automatically effective because they are now a WKSI (yes, they got the golden ticket). That means all 111 sales … pic.twitter.com/trib8qtlqe– Charles Allen (@Charles_btcs) June 12, 2025
The company raised $ 450 million earlier this month through a pipe round from a wide range of investors, including Consensys, Galaxy and Panttera Capital, to acquire ETH for its treasury. Ethereum co-founder and Consensys CEO Joseph Lubin also joined the company as chairman of the board.
However, there may be a bigger strategy behind the latest step.
Allen said in an X-post that he believes the company may have calmly raised up to $ 1 billion to buy more ETH using a market (ATM) previously announced in a May 30-archiving.
“If they played cards right, they would expect a surprise per tomorrow with $ 1b ETH purchases, which could turn on the fight to re -set the stock,” he said.
ETH is down by 4.1% over the past 24 hours of about $ 2,650 as Bitcoin and the wider crypto markets slipped.
Read more: Crypto Cracks late in the day Bitcoin falls below $ 106k
