- Spot Ether ETFs ended a 19-day inflow run with $2.1M net outflows on June 13. This halted their longest streak since July 2024 launch.
- The prior 19 days saw $1.37B enter these ETFs, making up 35% of their total $3.87B lifetime inflows to date.
SharpLink Gaming (SBET) shares fell 70 percent after the company announced plans to buy ether for its corporate treasury.
In a June 13 S-3 filing, SharpLink disclosed the potential resale of 58.7 million common shares issued to over 100 investors in a private investment in public equity (PIPE). The announcement sparked a selloff, although company leadership says the market misread the filing.
Joseph Lubin, SharpLink’s chairman and ConsenSys CEO, clarified that the S-3ASR form is a routine step following a PIPE transaction. He noted that the column showing “shares held after the offering” assumes the full sale of registered shares. “Neither ConsenSys nor I have sold any shares,” Lubin said, stressing that no immediate share sale is planned.
#sharplinkgaming is pleased to announce that we have acquired 176,271 ETH for $463 Million,officially becoming largest publicly-traded ETH holder (Nasdaq: SBET). https://t.co/rS1ORyv6KT pic.twitter.com/ET1Jd1txSp
— SharpLink Gaming (@SharpLinkGaming) June 13, 2025
SharpLink aims to deploy roughly $500 million to acquire ether and build a digital-asset reserve. The purchase forms part of a broader treasury strategy designed to leverage crypto adoption and diversify corporate holdings. Other firms have moved in a similar direction, positioning ether alongside cash and bonds.
Earlier this month, SharpLink raised $450 million in the PIPE round, backed by ConsenSys, Galaxy Digital and Pantera Capital. Those funds will support the ether acquisition and additional growth initiatives. However, the steep share decline highlights investor skepticism about anchoring a corporate treasury to a single digital asset.
ETHNews analysts note that using ether as a reserve asset may boost returns if crypto markets rally, but it also exposes the company to high volatility. As a result, SharpLink must maintain clear governance and communication to rebuild confidence. If the market accepts the move, the firm could emerge as a pioneer in corporate crypto treasuries. If not, SBET may face further downward pressure.
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