SharpLink’s record $463M Ethereum acquisition fails to prevent 67% decline in stock https://t.co/VOIKmKXwN1
SHARPLINK GAMING $SBET BUYS 176,271 $ETH FOR $463M
SharpLink Gaming buys $463 million in ETH, becomes No. 2 holder after Ethereum Foundation https://t.co/izMDKElZp2
SharpLink Gaming Inc. said it purchased 176,271 ether for about $463 million, paying an average $2,626 per token. The move brings the cryptocurrency onto the company’s balance sheet as a core treasury asset. Following the acquisition, SharpLink becomes the largest public company holder of ether, ranking behind only the Ethereum Foundation overall. The firm has staked or placed in liquidity pools roughly 95% of its holdings, a position that could generate an estimated $14 million in annual yield if staking rewards remain near 3%. The market response was swift: SharpLink shares dropped roughly 70% in after-hours trading. The sell-off followed the company’s filing to register a large block of shares for potential resale and its disclosure of a $425 million capital raise intended to fund the Ethereum treasury strategy.
