SharpLink Gaming, a listed company implementing ETH reserve strategy, saw its stock price plummet by over 70%

According to CoinDesk, the stock price of SharpLink Gaming, a Nasdaq listed company, plummeted by 70% after trading on June 13th. This stock price fluctuation is related to the S-3ASR registration statement submitted by the company, which allows for the resale of up to 58699760 shares related to PIPE financing. BTCS CEO Charles Allen analyzed that Thursday's filing allowed over 100 PIPE shareholders to sell their shares, which could lead to a market sell-off. He also speculated that SharpLink Gaming may have quietly raised up to $1 billion through a market price issuance plan to purchase more Ethereum. If the strategy is appropriate, it may soon release a surprise announcement announcing the purchase of Ethereum worth $1 billion, which could reignite market enthusiasm. The company previously raised $450 million through private equity to establish Ethereum (ETH) reserves, with investors including ConsenSys, Galaxy, and Pantera Capital. Ethereum co-founder Joseph Lubin has become the chairman of the company's board of directors.