Sharplink Gaming drops 73% amid looming $1B Ethereum buy

A crypto executive says if Sharplink Gaming were to announce its planned mega-Ether buy tomorrow, it could “light the match to reignite the stock.”

Shares in sports betting platform Sharplink Gaming tumbled 73% in after-hours trading on Thursday after filing to register a large volume of shares for potential resale as the firm is soon to bet big on Ether.

However, Sharplink Gaming chairman Joseph Lubin, who is also CEO of blockchain software firm Consensys, said that market watchers had misinterpreted the filing. 

Lubin said in a post on Wednesday that “some are misinterpreting” Sharplink’s Form S-3 filing with the Securities and Exchange Commission that registers the potential resale of nearly 58.7 million common shares.

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