When Stocks Fall Faster Than a Drunken Poet: Sharplink’s Wild Ride!
In a most theatrical turn of events, the shares of the illustrious Sharplink Gaming, a veritable titan in the realm of sports betting, plummeted a staggering 73% in the after-hours trading circus on Thursday. This calamity followed the company’s audacious filing to register a mountain of shares for potential resale, as they prepare to wager heavily on the enigmatic Ether. 🎭
Yet, fear not, dear reader! The ever-eloquent chairman of Sharplink, Joseph Lubin, who also dons the hat of CEO at the blockchain sorcery firm Consensys, proclaimed that the market’s soothsayers had misread the tea leaves of the filing. 🧐
Lubin’s Clarion Call: No Shares Sold!
In a post that could rival the finest of literary proclamations, Lubin declared on Wednesday that “some are misinterpreting” Sharplink’s Form S-3 filing with the Securities and Exchange Commission, which registers the potential resale of nearly 58.7 million common shares. A veritable feast of confusion! 🍽️
He reiterated, with the fervor of a man defending his honor, that this was merely a registration for the “potential resale” of shares, not an actual sale. “This is standard post-PIPE procedure in tradfi, not an indication of actual sales,” he insisted, as if reciting a mantra. 🧘♂️
As the company readies itself for a monumental Ether (ETH) acquisition, part of its newly minted Ethereum-based treasury strategy, the shares of Sharplink Gaming (SBET) closed Thursday’s trading down 12.25% at $32.53, only to plunge further into the abyss by 73% after hours, sinking below $8, according to the oracle known as Google Finance. 📉
In a twist of fate, the shares have since made a slight recovery, now down 67.6%, trading at $10.55 at the time of this literary endeavor. 📈
Matt Corva, the general counsel of Consensys, chimed in with a sage observation that the filing “doesn’t reflect anyone’s sales, which may or may not ever happen, I have no idea. But it’s a basic filing.” A true philosopher of the stock market! 🤔
Sharplink’s Filing: Not a New Revelation
Corva further elucidated that this news was already unveiled two weeks prior, and “this is the official statement saying yes, SBET sold those shares to investors, and they count.” A revelation wrapped in a riddle! 🎭
On the fateful day of May 30, Sharplink Gaming announced its grand plan to sell up to $1 billion in common shares, with the majority of the spoils intended for the acquisition of ETH, just days after unveiling its Ethereum-focused treasury strategy. A bold move, indeed! 💰
Lubin, ever the steadfast captain of this ship, clarified that neither he nor Consensys had sold any shares. Consensys had recently led Sharplink Gaming’s $425 million funding round for the Ethereum treasury strategy, a veritable treasure hunt! 🏴☠️
Charles Allen, the CEO of BTCS Inc., commented on the filing, noting that it understandably triggers panic among existing shareholders. “This creates a prisoner’s dilemma: everyone rushes to sell before the others do — a classic race to the bottom,” he lamented, as if narrating a tragic play. 🎭
Allen suggested that the firm could reverse those losses by announcing their anticipated $1 billion Ether purchase tomorrow. “If they played cards right, I would expect a surprise PR tomorrow with $1b of ETH purchases — which could light the match to reignite the stock,” he mused, with a twinkle of hope in his eye. 🔥
“They may have played it brilliantly,” he concluded, leaving us all to ponder the whims of fate in this grand theater of finance. 🎭
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2025-06-13 06:41