SharpLink Gaming Buys 176,271 ETH for $463 Million, Raises $425 Million, Shares Plunge 70%, Market Value $600 Million

SharpLink Gaming, an online performance marketing company specializing in iGaming and casino affiliate networks, has purchased 176,271 ETH for $463 million, positioning itself as the largest publicly traded holder of ether globally, second only to the Ethereum Foundation. Despite this record acquisition, SharpLink's shares plunged approximately 70% following a $425 million fundraising round aimed at supporting its Ethereum treasury strategy. The stock decline was also influenced by confusion surrounding an SEC filing and the registration of shares for a group of investors, which the company’s chairman described as a standard procedure. After the drop, SharpLink's market valuation is estimated at around $600 million.

The company continues to operate its iGaming business and holds a 10% stake in CryptoCasino, with first right of refusal on a potential ownership buyout. Meanwhile, other large Ethereum investors, including a whale likely linked to ConsenSys, have been actively acquiring substantial amounts of ETH through over-the-counter transactions, accumulating over 166,000 ETH valued at approximately $435 million in the past two weeks. Some ETH has also been sold recently, with a notable wallet offloading about 1,692 ETH for roughly $4.31 million, converting portions into DAI and WBTC.