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Sharplink Gaming falls 73% in the context of an upcoming $1 billion purchase of Ethereum.
Sharplink Gaming's shares fell 73% in after-hours trading on Thursday after the company filed a sign up to sell nearly 58.7 million shares. Chairman Joseph Lubin, who is also the CEO of Consensys, stated that this was misunderstood; the filing was merely to "sell back potential", not an actual sale. Lubin emphasized that this process is standard in the financial industry.
The SBET stock closed down 12.25% to $32.53 and continued to fall below $8 after hours of trading. Consensys' chief legal officer, Matt Corva, stated that this filing does not reflect actual selling. Allen, CEO of BTCS Inc., believes that the announcement of a $1 billion Ether purchase could help restore the stock price. "They might have played very cleverly," he said.