Sharpink Gaming (SBET), a company listed in Nasdaq chasing an ether
The approach to Treasury, fell 70% on Thursday on the after-time trade following a fresh filing with the US Securities and Exchange Commission.
The company has submitted a S-3Asr registration statement.
Thursday’s filing enables more than 100 shareholders in the pipe round to sell their shares, effective market flooding and triggering a post-close sell-off, Charles Allen, CEO of BTCS, a publicly exchanged public approach to the Crypto Reserves strategy centered on Bitcoin
explained in a X post and an interview with CoinDesk.
Let’s break up what happened @Sharplinkgaming led by @ethereumjoseph After the time.
Stock drops 70% – but why? 🧵
At 4:38 pm, they filed an S-3Asr-Automatic Effective because it is now a WKSI (yes, they got the gold ticket). This means all 111 sellers … 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 Pantera Capital, to get ETH for its treasurery. Ethereum co-founder and Consensys CEO Joseph Lubin also joined the firm as chairman of the board.
However, there may be a larger approach behind the latest move.
Allen said in an X post that he thinks the company can quietly raise up to $ 1 billion to buy more ETH with an offer and-mancado (ATM) previously announced on a May 30 Filing the SEC.
“If they play cards correctly, they will expect a surprise PR tomorrow with $ 1B of ETH purchases, which can light the match to reign in stock,” he said.
ETH dropped 4.1% over the past 24 hours around $ 2,650 while Bitcoin and the wider crypto markets slipped.
Read more: Crypto cracks late during the day, Bitcoin’s falls below $ 106k
