PANews reported on June 13 that according to CoinDesk, the share price of SharpLink Gaming, a Nasdaq-listed company, plummeted 70% after the market on June 13. The stock price fluctuation is related to the S-3ASR registration statement submitted by the company, which allows the resale of up to 58,699,760 shares related to PIPE financing. BTCS CEO Charles Allen analyzed that the Thursday document enabled more than 100 PIPE shareholders to sell their shares, which may 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 issue a surprise announcement announcing the purchase of $1 billion worth of Ethereum, which is expected to rekindle market enthusiasm.

The company previously raised $450 million in private placements to build its Ethereum (ETH) reserves. Investors included ConsenSys, Galaxy, and Pantera Capital. Ethereum co-founder Joseph Lubin has become chairman of the company’s board of directors.