- SharpLink investors may be cashing out.
- The firm’s shares plunged 75% after SEC filings were made public.
- The firm has adopted a Sayloresque Ethereum treasury strategy.
SharpLink Gaming, an online casino company that recently pivoted to pursuing an Ethereum treasury strategy, fell over 75% in after hours trading on Thursday after a financial filing showed early investors were potentially cashing out shares.
The firm submitted an S3 form to the Securities and Exchange Commission ahead of plans to issue and sell additional shares, intending to use the proceeds to buy more Ethereum.
The form showed all but three participants in the firm’s previous Private Investment in Public Equity round — or PIPE sale — had filed to give themselves the ability to unload all their equity.
Shares in the firm, which is listed on the Nasdaq exchange under the ticker SBET, traded at around $32.53 on Thursday afternoon. After the filing, they dropped to…
