Share Sharplink Gamesa gambling marketing company and affiliate network operator have fallen by more than 38% since the market was opened. Ethereum.
The company announced last week Plans to create an Ethereum center The Digital Assets Treasury was expected to reach $124 after trading at $6 on May 23.
After closing at $76.70 on Friday, Sharplink shares traded at Nasdaq Exchange with Ticker Sbet at $47.16, down more than 38% since opening and down 62% from last week’s peak.
Meanwhile, the stock price has risen 1,162% over the past month.
The $425 million round conclusion led to Ethereum co-founder and Consensy CEO Josefulvin as chairman of Sharplink’s board of directors. Consensys led the privately owned placement round funded by both Fiat Currency and ETH, including participation from prominent crypto investors such as Galaxy Digital, Pantera Capital, Electric Capital, Arrington Capital, GSR and Parafi Capital.
(Disclosure: Consensy is One of 22 investors Editorially independent Decryption. )
The company’s newly established Treasury Pivot will be the latest in a series of public companies employing the Treasury of digital assets. Bitcoin– Stacking strategy (formerly MicroStrategy) and outspoken co-founder Michael Saylor.
These companies span Defi Development Corporation (formerly Janover). Solana’s nearly $100 million TreasuryRecently, President Donald Trump’s Trump Media & Technology Group raised $2.4 billion Buy Bitcoin.
However, Sharplink is the most notable company focused on the acquisition of Ethereum, the second-largest asset of market capitalization in Crypto. Announcing the final decision on the funds, the company’s press release on Monday said it would become ETH’s biggest public holder.
ETH was the butt of many jokes last year, especially as it doesn’t perform competing Layer-1 blockchains like Bitcoin or similar. Solana– But following the Pectra Network upgrade and the price surge in May, there has been an increase in asset optimism.
Co-founder of Bitmex last week Arthur Hayes said Decryption He believes ETH can touch between $4,000 and $5,000 in 2025, and could be the most recent of all time in the process as “the most hated layer-1.” Plus, Bernstein analysts have It showed that interest is growing The underlying network where Stablecoins have a major presence is dominated by metric ETH, which has more than 51% of the Stablecoin market share, according to the company’s investment bonds.
According to Coingecko, ETH has grown by 0.9% over the past 24 hours, the highest performing coin in the top 10 market capitalization last week, reducing just 0.7% to $2,532 at that time.
Edited by Andrew Hayward
