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The Curse Of Ethereum: First-Ever ETH Treasury Company Suffers Sharo 73% Crash – Details
- Sharplink Gaming (SBET) suffers a significant 73% stock crash after establishing an Ethereum treasury.
- Reports suggest investors are offloading SBET shares following the creation of the ETH Treasury, favoring Bitcoin Treasury Reserve according to Steven Lubka.
- Sharplink Gaming became the first public company to set up an Ethereum reserve, launching a $425 million plan.
- Joseph Lubin, CEO of Consensys, was appointed as the Chairman of Sharplink Gaming following the ETH reserve plan.
- Participants in the private placement offering are rumored to be looking to sell their shares after the ETH Treasury move.
- Sharplink Gaming plans to boost its ETH Treasury Reserve by filing a $1 billion shelf offering with the US Securities and Exchange Commission.
- Joseph Lubin clarifies rumors of selling SBET stocks, stating the filings are for potential resale by prior investors and not indicative of actual sales.
- Despite the setback, SBET stock is up over 300% year-to-date and more than 1,000% since adopting Ethereum as a reserve asset.
- Current Ethereum price hovers around $2,500, showing an over 8% drop in the last 24 hours.
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