The US online gaming company SharpLink has again purchased 12,207 ETH for $30.7 million, bringing its total ETH holdings to 188,478 ETH, becoming the world's largest ETH reserve listed company and the second-largest ETH holder after the Ethereum Foundation. However, the shadow of selling panic has not been dispelled, with the stock price plummeting by 70% last week and SBET rising only 7% yesterday. Whether long-term investor confidence will return remains to be proven with time.
SharpLink announced its entry into the Ethereum (ETH) strategic reserve at the end of May and announced on 6/13 that it had purchased 176,270.69 ETH, spending $460 million, becoming the world's largest ETH reserve listed company and the second-largest ETH holder after the Ethereum Foundation.
SharpLink through at-the-market (ATM) stock issuance sold 2,547,180 common shares, raising approximately $27.7 million in net proceeds. It used these proceeds to buy another 12,207 ETH, bringing the company's total ETH holdings to 188,478 ETH.
Additionally, SharpLink has deployed all its held ETH in staking solutions, generating 120 ETH rewards since June 2, 2025.
According to the previously submitted S-3 document, SharpLink Gaming plans to raise up to $1 billion through one or multiple issuances of common stocks, preferred stocks, warrants, and bonds.
After announcing its entry into the Ethereum (ETH) strategic reserve in May, SharpLink's stock price rose from around $6 to a high of $124. However, when the company filed an S-3 form with the SEC on 6/12, registering over 58.7 million shares for potential future resale, it was interpreted by the market as an imminent massive sell-off, triggering panic selling. SBET's stock price plummeted by over 70% in a single day, returning to around $10, and has since been struggling.
Although the PIPE investors' subscription prices ranged between $6.16 and $7.995, which seems close to the current price, the market's selling panic shadow remains. With SharpLink continuing to buy Ethereum, demonstrating the company's commitment to using blockchain technology to consolidate its financial foundation and strategic growth, the stock price rose 7% yesterday. Whether investors can regain long-term confidence, rather than just short-term speculation, remains to be proven by time and SBET's stock price.
Another stock, Upexi (ticker UPXI), which uses Solana as its reserve, also saw its stock price drop 60% yesterday after announcing that investors could sell common stocks.
Although Upexi's CEO Allan Marshall stated in an interview: "This does not mean that investors are selling or want to sell, only that they can sell," it was not enough to prevent selling pressure.
This year has seen many crypto stocks entering the market through reverse mergers, initially showing gains of several times their initial value, outperforming cryptocurrency gains. However, once short-term speculation subsides, can retail investors exit safely? Or can companies successfully forge a path like MicroStrategy or the Japanese stock Metaplanet, becoming crypto blue-chip stocks? This tests the charm and disruptive operational mode of the management.
Risk Warning:
Cryptocurrency investment carries high risks, and prices may fluctuate dramatically. You may lose all your principal. Please carefully assess the risks.Toggle
SharpLink Buys 176,000 ETH, Second Only to Ethereum Foundation
SharpLink announced that it has purchased 176,270.69 ETH, spending a total of $460 million, becoming the world's largest publicly traded ETH reserve company and the second-largest ETH holder after the Ethereum Foundation.
The funds for this ETH purchase came from a Private Investment in Public Equity (PIPE) transaction on May 26, 2025, and additional proceeds of approximately $79 million raised through At-The-Market (ATM) stock issuance.
According to the previously submitted S-3 filing by SharpLink Gaming, the company plans to raise up to one billion dollars through one or multiple issuances of common stock, preferred stock, warrants, and bonds.
As of June 13, 2025, over 95% of the ETH held by SharpLink is actively deployed in staking and liquid staking solutions, contributing to network security while generating native yield.
SharpLink Gaming CEO Rob Phythian stated: "This is a milestone moment for SharpLink and publicly traded companies adopting digital assets. We believe Ethereum is the infrastructure for future digital commerce and decentralized applications. Our decision to make ETH our primary reserve asset reflects our firm belief in ETH as programmable, yield-generating digital capital."
SharpLink Gaming Chairman, Ethereum Co-Founder, and ConsenSys Founder and CEO Joseph Lubin added: "SharpLink's bold ETH strategy represents a key milestone and innovative approach to Ethereum's institutional application. This strategy comes at a special time when the US Congress is pushing important legislation on stablecoin and digital asset market structure. We hope such legislation can serve as a catalyst for Ethereum technology. By investing substantial funds and deploying them in network activities like staking, SharpLink contributes to Ethereum's long-term security and trust attributes while earning additional ETH."
SBET Rises from $6 to $124, Then Immediately Crashes Back to $9
On 6/12, SharpLink filed an S-3 form with the SEC, registering over 58.7 million shares for potential future resale, which the market interpreted as "imminent massive selling", triggering panic selling and causing the stock price to plummet by over 70% in a single day, almost returning to its original price.
However, a closer look at the filing reveals that the PIPE investors' subscription prices ranged from $6.16 to $7.995, which is only 15-50% higher than the current price of $9.21, a gain that seems unlikely to satisfy angel investors.
This highlights that traditional financial market investors may lack psychological preparedness for cryptocurrency asset volatility. SBET's ability to rise from $6 to $124 and then immediately crash back to $9 within a few days shows that such crypto stocks have volatility that ordinary people cannot withstand!
Cryptocurrency investment carries high risk, and prices may fluctuate dramatically. You may lose all of your principal. Please carefully assess the risks.
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
