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Treasury

Ethereum Treasury Company SharpLink Gaming Plunges 70% Amid SEC Filing Confusion

by admin June 15, 2025

In brief

SharpLink Gaming shares plummeted more than 70% in after-hours trading Thursday.
The company announced in May that it had raised $425 million in a PIPE offering to create an Ethereum treasury.
It is one of a wave of public companies establishing or intending to create crypto treasuries.

Shares in SharpLink Gaming plummeted more than 70% in post-hours trading Thursday after the company—which recently announced that it would create an Ethereum treasury—filed an S-3 shelf prospectus with the SEC to potentially sell securities.

Minneapolis-based SharpLink, an online gambling marketer that lists on the Nasdaq, was recently changing hands at $10.35 per share, according to Yahoo Finance data, after briefly dipping below the $8 mark in after-hours trading. It closed Thursday trading at $32.53.

A page in the SEC filing appeared to show that participants in the PIPE sale had sold off their holdings. However, Ethereum co-founder, Consensys CEO, and SharpLink Chairman of the Board Joseph Lubin wrote on X that people are “misinterpreting” the S-3 filing.

Some are misinterpreting SBET’s S-3 filing:

It registers shares for potential resale by prior investors

The “Shares Owned After the Offering” column is hypothetical, assuming full sale of registered shares.

This is standard post-PIPE procedure in tradfi, not an indication of…

— Joseph Lubin (@ethereumJoseph) June 12, 2025

“It registers shares for potential resale by prior investors. The ‘Shares Owned After the Offering’ column is hypothetical, assuming full sale of registered shares,” Lubin wrote. “This is standard post-PIPE procedure in tradfi, not an indication of actual sales. To clarify, neither Consensys nor I have sold any shares.”

Decrypt reached out to SharpLink Gaming and the SEC, but did not immediately hear back from either.

SharpLink rose to nearly $80 on May 29, two days after announcing that it had raised $425 million in a private investment in public equity, or PIPE, offering to establish an Ethereum treasury—a move that boosted its stock price more than 400%.

A PIPE, or Private Investment in Public Equity, is a way for public companies to raise capital quickly by selling shares privately to institutional or accredited investors, rather than through a public offering.

The plan came amid a wave of publicly traded companies that have built crypto-focused treasuries, or raised money with that intent. They are, to varying degrees, following an approach popularized by Strategy, formerly MicroStrategy, which pivoted from software development to become a Bitcoin treasury that now holds 582,000 of the tokens worth more than $61 billion at current prices.

Other companies have also focused on Bitcoin, although a number in recent weeks have opted for treasuries based on altcoins like Solana and XRP.

Ethereum was recently trading at about $2,640, down more than 4% over the past 24 hours, according to crypto markets data provider CoinGecko.

Ethereum-centric software firm Consensys, along with firms Galaxy Digital, ParaFi Capital, Ondo, and Pantera Capital, participated in the PIPE offering, SharpLink said in a statement at the time. The group bought 69,100,313 of the firm’s shares at $6.15 each. (Disclosure: Consensys is one of 22 investors in an editorially independent Decrypt.)

Edited by Andrew Hayward

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June 15, 2025 0 comments

NFT Gaming

‘Attack of the Clones’: Coinbase Raises Alarm on Risks With Bitcoin Treasury Model

by admin June 15, 2025

In brief

Coinbase’s top analyst said Thursday that the increasing dependence of publicly traded companies on Bitcoin could lead to disaster for the broader crypto market, should BTC’s price decline.
Numerous companies that have collectively purchased billions of dollars worth of BTC would likely have to sell off the tokens to pay back investors all at once, triggering a broad, market-wide sell-off.
Coinbase said it is “confident about Bitcoin’s upward trajectory even in the face of such risks,” but nonetheless categorized them as “systemic.”

Coinbase issued a dire warning Thursday to publicly traded companies going all in on Bitcoin: The gains may be addictive now—but if and when the music stops and prices fall, disaster could ensue.

In a report on the crypto market’s outlook for the second half of 2025, Coinbase Head of Research David Duong predicted that the recent trend of American corporations spinning up multibillion dollar Bitcoin treasuries may be bullish in the near future, but poses “systemic risks” to the entire crypto ecosystem in the medium-to-long-term.

In the wake of large publicly traded companies like Strategy and Tesla spending billions of dollars to buy up Bitcoin, over a hundred other such Wall Street-traded firms have followed suit in recent months. A total 126 publicly traded companies currently hold a collective 819,857 BTC, according to BitcoinTreasuries.net—a sum worth over $87 billion at writing.

This dynamic has created a potential “attack of the clones” scenario, Coinbase says, in which the viral trend could soon trigger devastating consequences.

The incentive for publicly traded companies to buy up Bitcoin became too attractive to ignore in December, Coinbase’s Duong said. That month, new accounting rules went into effect permitting such firms to count unrealized crypto gains on their books.

The development happened to coincide with a massive (and still ongoing) upswing for Bitcoin. Thus, in recent months, dozens of publicly traded companies have collectively invested billions of dollars in the world’s top cryptocurrency—as a means to easily pump stock prices.

Even President Donald Trump’s own publicly traded media company raised $2.4 billion last month to seed its own Bitcoin treasury, following the trend that GameStop and many other firms have recently latched onto.

Duong warns, however, that when Bitcoin’s price starts falling, these firms—which have raised cheap money to purchase the cryptocurrency by issuing convertible bonds—will have to begin paying off their investors, and will likely be forced to “sell their crypto holdings, possibly at a loss.”

“Thus, the fear is that indiscriminate selling by many entities at once (to service those debts) could lead to market liquidations and a sell-off in crypto more broadly,” Duong wrote.

“If prices start to fall and these entities perceive a narrowing exit, others may rush to sell as well, destabilizing the market well before any actual debt repayment issues emerge,” he continued.

While the analyst anticipates such a calamity would not be as devastating as past crypto crashes, and is “confident about Bitcoin’s upward trajectory even in the face of such risks,” he nonetheless categorized the potential damage of such an outcome as “systemic.”

In recent days, analysts have begun ringing similar alarm bells. Last week, Standard Chartered predicted that roughly half of non-crypto publicly traded firms with Bitcoin treasuries would go underwater if the token fell below $90,000.

Last month, Coinbase’s own CEO, Brian Armstrong, said that going all-in on a Bitcoin reserve, similar to Strategy, would have been “too risky” a move in its earlier days.

Edited by Andrew Hayward

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June 15, 2025 0 comments

Crypto Trends

7 Solana ETFs Advance; DeFi Development Corp Prepares to Buy More SOL for Treasury

by admin June 14, 2025

Solana (SOL)

traded at $144.14 on June 14, down 2.06% over the past 24 hours, but showed resilience as long-term institutional activity offset retail-driven weakness. Price action remains pinned near the lower end of its recent $145–$149 consolidation zone, following a broader multi-day correction across crypto markets tied to rising geopolitical tension.

Despite recent weakness, two major institutional developments suggest deepening engagement with the Solana ecosystem.

First, Bloomberg’s James Seyffart confirmed on Friday that this week that all seven spot Solana ETF issuers — i.e. including Fidelity, Grayscale, VanEck, 21Shares, Franklin, Bitwise and Canary Marinade —submitted updated S-1 filings with the SEC. Each filing now includes staking provisions, making them structurally aligned with solana’s on-chain economics.

Second, DeFi Development Corp, a Nasdaq-listed Solana treasury firm, announced on Thursday that it entered into a $5 billion equity line of credit (ELOC) agreement with RK Capital. The facility allows DeFi Dev Corp to issue shares gradually to fund additional SOL accumulation, rather than relying on a single, fixed-price offering.

This follows a minor regulatory setback: on Wednesday, the company applied to the SEC for the withdrawal of registration statement on Form S-3. It said it wanted to withdraw a prior S-3 filing due to technical eligibility issues flagged by the SEC. The firm said it would file a resale registration statement in the future to raise the capital it needs.

Despite the filing hiccup, the company emphasized its continued commitment to growing its SOL treasury, which currently holds over 609,190 tokens — valued at more than $97 million. CEO Joseph Onorati said in Thursday’s press release that the new capital structure offers a “clean, strategic path” to scale exposure while compounding validator yield.

SOL’s price appears to be stabilizing as these institutional tailwinds strengthen, even as retail activity remains subdued.

Technical Analysis Highlights

SOL traded in a 24-hour range of $4.57 (3.08%), from $144.13 to $148.70.
Initial strength faded, with price drifting toward the $144 support level.
Resistance remains firm near $149, while short-term rejection hit $145.78.
High-volume selling occurred between 13:41–13:47 UTC, with a sharp drop from $145.95.
A volume spike at 13:23 UTC aligned with the failed breakout.
Whale accumulation continues below $146, though follow-through remains limited.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

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June 14, 2025 0 comments

GameFi Guides

Public Keys: Circle Keeps Surging, GameStop’s Bitcoin ‘Black Box’, Ethereum Treasury Tanks

by admin June 14, 2025

In brief

Circle’s stock surged again Friday as signs of stablecoin interest and adoption continue to pile up.
GameStop’s shares plummeted after the company said it would offer $1.75 billion (now $2.25 billion) in convertible bonds to investors.
SharpLink Gaming’s share price cratered, but the firm said it now has $463 million Ethereum war chest.

Public Keys is a weekly roundup from Decrypt that tracks the key publicly traded crypto companies.

This week: Circle’s stock surged again to end the week while GameStop shares swoon after another bond offering—but SharpLink Gaming’s fall takes the cake.

Circle stays hot

The euphoria started to ebb, but the glossy announcements kept coming—and CRCL is surging again.

After last week’s massive launch, USDC issuer Circle has seen its stock reach new highs and then start to settle over the course of the week as the stablecoin was added to Sam Altman’s World Chain.

By late Thursday, it looked as though CRCL might continue cooling and fall below the $100 mark for the first time this week. Instead, the stock took off like a rocket again Friday, surging 25% on the day to finish at $133.56—just a few dollars shy of its all-time high mark from Monday.

Friday’s surge happened despite flaring tensions in the Middle East weighing on many assets, except for oil and gold, of course. In after-hours trading, CRCL has ticked even closer to its peak price.

The Friday surge came following a Wall Street Journal report claiming that retail giants Amazon and Walmart are among those considering launching their own stablecoins, pending passage of the GENIUS Act stablecoin bill. Senator Elizabeth Warren and consumer groups denounced the retailers’ reported plans Friday afternoon.

If Circle’s public offering really was a “moon landing moment” for stablecoins, then other companies and projects are seizing the opportunity to plan a flag next to the firm.

Among the entities that want you to know they’re using USDC: Shopify rolled out USDC stablecoin payments on Base; RippleX welcomed USDC to XRP Ledger, a move “accelerating DeFi and institutional adoption;” and Brazilian fintech Matera said it would start using the stablecoins to enable “multi-currency” operations among traditional banks, per Bloomberg.

It’s safe to say that Circle’s public offering has made crypto cool again—at least from the perspective of companies and projects looking for some positive press.

GameStop buying Bitcoin?

Does GameStop need its own Michael Saylor?

With each move that top Bitcoin-buyer Strategy makes, co-founder and Executive Chairman Saylor is often front and center, unpacking the firm’s prospects on camera as best he can—even if the veteran short sellers like Jim Chanos say that amounts to “complete financial gibberish.”

When GameStop said this week that it would offer $1.75 billion worth of convertible senior notes (since upsized to $2.25 billion) to investors, following its previous $1.5 billion raise, GameStop CEO Ryan Cohen wasn’t out there explaining what the brick-and-mortar video game retailer would do with its second mountain of cash. Instead, he highlighted a shitpost on X poking fun at himself.

The company’s stock price dropped 22% to $22.12 following the announcement, showing a loss compared to when GameStop approved Bitcoin as a treasury asset in late March. Its shares traded around $25.40 then. On Friday, shares finished essentially flat at $22.14, per Yahoo Finance.

Are GameStop investors looking for an outspoken advocate to explain why they should be excited about the firm’s recent Bitcoin pivot?

“What I think is very important for a Bitcoin treasury company is transparency and authenticity, and so far, they’ve been a black box,” Strive Asset Management CEO Matt Cole told Decrypt in a recent interview.

Although GameStop purchased 4,710 Bitcoin last month, the company won’t telegraph any future purchases, Cohen explained during his five-minute showing at a Bitcoin conference last month. The company’s announcement this week said cash raised could go toward acquisitions, operating costs, and investments (like Bitcoin).

But GameStop has owned other digital assets, too—and sold them.

SharpLink swings

Another day, another example of wild speculation about things that are just way too complex for the average person to understand on Crypto Twitter (aka X).

On Thursday, an SEC filing from SharpLink Gaming, a newly minted Ethereum treasury firm, sparked speculation that investors who had participated in a $425 million private placement not long ago had elected to sell off their shares.

The company’s stock price plummeted more than 70% on the filing’s back.

Following the speculation and plunge, Ethereum co-founder, Consensys CEO, and SharpLink board chair Joe Lubin said on X that the filing was “standard” for TradFi companies and being misrepresented. (Disclosure: Consensys is one of 22 investors in an editorially independent Decrypt.)

Still, why did the stock chart look like a celebrity meme coin, swinging upward and then cratering rapidly?

“There’s a period of time between [the] announcement to when everything is ready to go, where the float is tiny and everyone buys it, and it basically turns into a meme stonk,” Taproot Wizards co-founder Udi Wertheimer said on X about crypto treasury company pivots. “That’s resolved once all the filings [are] done. […] It doesn’t mean anyone ‘rugged.’”

The price swing, and Crypto Twitter’s evolving assessment of what actually happened, appeared to overshadow an announcement of Friday that SharpLink had built a $462 million war chest of Ethereum following a recent raise and issuing some stock. Already, 95% of those funds have been deployed on-chain, earning yield through staking, the company added.

SharpLink’s stock didn’t improve Friday, however, remaining down nearly 72% since Thursday’s close at $9.21 per share.

Other keys

Solana ETF issuers add staking: A flurry of hopeful Solana ETF issuers updated their SEC filings late Friday to add plans to stake their assets, earning yield that could make them more attractive investments. Ethereum ETF issuers had to remove such language from their filings before last summer’s approvals, but this is a new SEC under President Trump—one much friendlier to the crypto industry.
Obama advisor backs a new blue: Coinbase welcomed David Plouffe, who devised former President Barack Obama’s 2008 campaign and served as an adviser to Kamala Harris, to its Global Advisory Council. His addition comes amid growing bipartisan support for crypto legislation on Capitol Hill that has been stifled, among some Democrats recently, by the prevalence of crypto ventures backed by President Donald Trump.
Crypto David vs. Goliath consulting firm: Ethereum token platform Zora sued Deloitte to stop the audit, consulting, tax, and advisory services firm from calling one of its products “Zora AI.” Deloitte launched the platform last March, but Zora has been a playing client of Deloitte since 2022.
Bitcoin miners bounce back: Bitcoin miners were struggling earlier this year, but Bitdeer said this week that it minted 196 BTC in May, an 18% increase from April. Data from Farside Investors shows that four top Bitcoin miners—CleanSpark, MARA, Riot Platforms, and HIVE—minted more BTC in May than in April, as well.

Edited by Andrew Hayward

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June 14, 2025 0 comments

GameFi Guides

Charles Hoskinson floats $100m ADA treasury reboot to stabilize Cardano ecosystem

by admin June 14, 2025

With just $31 million in stablecoins against $356 million in total value locked, Cardano’s founder has proposed unprecedented treasury diversification into Bitcoin and native dollar-pegged assets to boost the network’s decentralized finance and stablecoin ecosystem.

On June 12, Cardano co-founder Charles Hoskinson proposed the idea in a YouTube video of swapping $100 million worth of Cardano (ADA) tokens for Bitcoin (BTC) and native stablecoins USDM and USDA to strengthen the ecosystem.

Hoskinson framed the treasury overhaul as a strategic bet on Cardano’s future as a multi-asset financial ecosystem. Drawing inspiration from sovereign wealth funds in Norway and Abu Dhabi, he argued that converting a portion of ADA’s treasury into yield-generating assets would unlock liquidity and signal serious confidence to institutional players.

A strategic fix for Cardano’s liquidity imbalance

In his remarks, Hoskinson addressed the stark disparity between Cardano’s treasury composition and its decentralized finance ambitions. His argument stemmed from what he termed Cardano’s “stablecoin drought”, a glaring imbalance that’s stifling development.

“We have a treasury with about $1.5 billion of ADA, and yet there’s only about $30 million of stablecoins in the entire Cardano ecosystem,” he said. “That’s a problem.”

For context, while Ethereum boasts $190 in stablecoins for every $100 of TVL, Cardano lags far behind with just $9. “This isn’t just lagging behind; it’s choking our ecosystem,” Hoskinson argued.

According to him, the proposed conversion aims to boost stablecoin reserves by targeting a 33% to 40% stablecoin-to-TVL ratio and to prime Bitcoin-focused decentralized finance by allocating $25 million to $50 million to Bitcoin to attract yield-seeking holders. Hoskinson also believes the move could improve the chances of Cardano-native stablecoins being listed on tier-two and tier-three exchanges.

While some traders on X voiced concern that liquidating $100 million in ADA would crash the market, Hoskinson dismissed the skepticism with a chuckle, claiming, “ADA’s liquidity can swallow this without a 1% price blip.”

He emphasized that the proposed treasury shift wouldn’t be a reckless exchange dump but a carefully managed operation using time-weighted average price algorithms and over-the-counter desks, the same tools institutional players use to quietly shift nine-figure positions. “This isn’t some meme coin we’re talking about,” he stressed.

Whether the move turns Cardano into a decentralized finance powerhouse or backfires depends largely on timing and sentiment management.

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June 14, 2025 0 comments

Crypto Trends

Trump Media’s Bitcoin Treasury Deal Deemed ‘Effective’ By SEC

by admin June 14, 2025

Trump Media and Technology Group (TMTG), the company that owns US President Donald Trump’s Truth Social platform and is partially owned by the president, has received approval from the US Securities and Exchange Commission (SEC) for its registration statement tied to its $2.3 billion Bitcoin treasury deal.

According to a June 13 SEC filing, the agency “declared effective” TMTG’s S-3 registration statement — filed on June 6 — for the Bitcoin (BTC) treasury deal. The S-3 is a form that US companies use to register the sale of various securities, like stocks, options, and different types of debt. TMTG filed a corresponding final prospectus with the SEC on the same day.

Trump Media’s CEO says the firm is “aggressively” expanding

The SEC filing said that, as part of its Bitcoin treasury plan, TMTG registered the resale of approximately 56 million shares and 29 million more tied to convertible notes as part of debt and equity agreements with around 50 investors, which yielded $2.3 billion.

Although the registration statement includes a universal shelf to give TMTG “greater flexibility” for future growth plans, the company currently has “no immediate plans” to issue any securities under it.

Source: Kyle Chasse

Trump Media’s CEO and President Devin Nunes said, “We’re aggressively implementing our plans to expand the Company, our offerings, and our capabilities.” Nunes added:

“By simultaneously enhancing and growing our social media platform, TV streaming platform, and our fintech brand while establishing a Bitcoin treasury, we aim to continue rapidly transforming Trump Media into an indispensable company for the expanding customer base of the Patriot Economy.”

On the same day, TMTG’s stock price fell 2.06%, closing the trading day at $19.52, according to Google Finance data.

TMTG’s stock price fell 2.06% during the June 13 trading day. Source: Google Finance

It comes only weeks after the company confirmed a $2.5 billion capital raise to purchase Bitcoin on May 27 after denying earlier reports of the deal.

At the time, Nunes said that TMTG views “Bitcoin as an apex instrument of financial freedom, and now Trump Media will hold cryptocurrency as a crucial part of our assets.”

TMTG recently filed to launch a spot Bitcoin ETF

Blockchain analysis company Arkham said in a May 28 X post, “Donald Trump’s company, Trump Media, will buy $2.5 BILLION of Bitcoin. Is Trump about to go Saylor Mode?”

Related: Bitcoin adoption fueled by ‘deglobalization,’ Trump’s ‘big, beautiful bill’

Meanwhile, on June 5, TMTG filed with the SEC to launch a Bitcoin exchange-traded fund (ETF).

“The assets of the Trust consist primarily of Bitcoin held by a custodian on behalf of the Trust. The Trust seeks to reflect generally the performance of the price of Bitcoin,” TMTG said in a June 5 filing.

Magazine: Older investors are risking everything for a crypto-funded retirement

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June 14, 2025 0 comments

NFT Gaming

Bitcoin Treasury Firm GameStop Boosts Convertible Bond Offering to $2.25 Billion

by admin June 13, 2025

In brief

GameStop upsized its latest offering of convertible senior notes to $2.25 billion from $1.75 billion.
Although GameStop shares held ground on Friday, they fell 24% throughout the week.
GameStop purchased 4,710 Bitcoin last month.

GameStop upsized its latest offering of convertible senior notes to $2.25 billion from $1.75 billion, the video game retailer said in a press release published late on Thursday.

Shares dropped earlier this week after the Grapevine, Texas-based firm said that it would offer investors more convertible bonds, following a similar, $1.5 billion raise in April.

Although GameStop shares held ground on Friday, they fell 24% throughout the week, closing at $22.14, according to Yahoo Finance. Shares changed hands around $28.36 when GameStop said that it had the ability to start buying Bitcoin in late March.

The company’s latest batch of convertible bonds, which will bear no interest, will have a conversion price of approximately $28.91 per share, which may change “in some events,” GameStop said in the press release on Thursday. That represented a 32.5% premium compared to the company’s average stock price on Thursday afternoon Eastern Time, it added.

Companies like Strategy, MicroStrategy, have been able to grow the amount of Bitcoin they own per share—that’s the company’s stated aim for maximizing shareholder value—by raising funds at a premium relative to their Bitcoin holdings and shoveling that cash into the asset.

With GameStop, whether the company will make another Bitcoin purchase is less clear. GameStop purchased 4,710 Bitcoin last month, but in a recent interview, company CEO Ryan Cohen said that the company will not telegraph future purchases and isn’t following any other firm that’s buying the leading cryptocurrency by market value.

In the press release, GameStop reiterated that proceeds from the offering will be used for “general corporate purposes, including making investments in a manner consistent with GameStop’s Investment Policy and potential acquisitions.”

The brick-and-mortar retailer tried to expand beyond selling video games and consoles years ago by launching an NFT marketplace, which was shuttered early last year. At the company’s annual shareholder meeting, Cohen recently said that GameStop would embrace trading cards, which made up 29% of first-quarter sales, per Fortune.

“We’re focusing on trading cards as a natural extension of our existing business,” he said. “The trading card market, whether it’s sports, Pokémon or collectibles, is aligned with our heritage.”

Edited by James Rubin

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June 13, 2025 0 comments

Crypto Trends

Cardano Dips 6% Amid Fierce Debate Over $100M Treasury Plan To Boost DeFi Liquidity

by admin June 13, 2025

Cardano’s ADA token declined 6.01% to $0.6412 as the market reacted to both macro volatility and a heated governance debate over a proposed $100 million treasury allocation aimed at strengthening the DeFi ecosystem.

On Wednesday, the TapTools team asked its followers on X what they think about the idea of deploying 140 million ADA (around $100 million) to provide liquidity for stablecoins like USDM and help power Cardano’s growing decentralized finance sector.

Not everyone is on board. Influential account @cardano_whale argued that introducing 140 million ADA in sell pressure under current market conditions would be damaging. He acknowledged the potential long-term DeFi benefit but warned that governance proposals are typically front-run by traders, meaning any public plan to sell ADA at $0.70 might end with that supply being sold at $0.50. Instead, he favored minting crypto-backed stablecoins like ObyUSD to avoid direct selling pressure.

Cardano founder Charles Hoskinson pushed back strongly, calling the sell pressure concerns a “false narrative.” In his view, the treasury could convert the 140 million ADA gradually over-the-counter or through algorithmic execution strategies like time-weighted average price (TWAP) orders to avoid market disruption. He emphasized that Cardano’s lack of stablecoin depth is holding the ecosystem back, and this initiative could not only address that gap but also generate sustainable, non-inflationary revenue for the treasury.

The community remains divided. While some see it as a bold step to finally give Cardano DeFi a stable foundation, others view the plan as premature, particularly given current market weakness and ADA’s inability to hold above $0.68. The debate has become a litmus test for how Cardano balances long-term growth with near-term token economics.

Technical Analysis Highlights

ADA fell from $0.688 to $0.625 before bouncing back to $0.641, a 6.01% drop on the day.
Volume spiked during the breakdown between 01:00–02:00 UTC, establishing strong support at $0.622.
A 58% recovery off the lows formed a rising channel, with higher lows pointing to mild accumulation.
Resistance at $0.645 has capped upward momentum for now, with buyers stepping in near $0.636.
Volume peaks at 13:50 and 14:00 UTC (2.6M and 5.7M ADA) suggest renewed interest but limited follow-through.

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June 13, 2025 0 comments

NFT Gaming

SharpLink Gaming Buys $463 Million in Ethereum, Becomes Largest ETH Treasury Firm

by admin June 13, 2025

In brief

SharpLink Gaming unveiled a $462 million Ethereum acquisition, saying that 95% of the funds had already been deployed in decentralized finance, or DeFi, protocols.
The company’s stock dropped over 70% on Thursday during after-hours trading as the public tried to assess the significance of an S-3 shelf prospectus.
The Ethereum Foundation held $540 million worth of Ethereum on Friday, Akrham Intelligence data showed.

SharpLink Gaming recently acquired $462 million worth of Ethereum, becoming the asset’s largest holder among public firms, according to a company blog post published on Friday.

The Nasdaq-listed online gambling marketer, which adopted an Ethereum treasury strategy in May, said that it had purchased roughly 176,000 ETH for an average price of $2,600 per coin. The price of Ethereum was recently changing hands around $2,500, an 8.8% decrease over the past 24 hours, according to crypto data provider CoinGecko.

The company’s announcement follows a Securities and Exchange Commission filing that sparked confusion on Crypto Twitter. As the public tried to parse the significance of an S-3 shelf prospectus, shares tumbled more than 70% in after-hours trading on Thursday.

Although observers speculated that the filing indicated SharpLink investors had sold shares, Ethereum co-founder, Consensys CEO, and SharpLink board chair Joe Lubin said the filing was “standard.” (Disclosure: Consensys is one of 22 investors in an editorially independent Decrypt.)

SharpLink shares opened at $10.26 on Friday, a 67% dip compared to the stock’s closing price of $32.53 a day before, according to Yahoo Finance. Shares soared as high as $124.12 in late May after the company announced a $450 million private placement. They were recently changing hands around $11.21.

“There’s a period of time between [the] announcement to when everything is ready to go, where the float is tiny and everyone buys it, and it basically turns into a meme stonk,” Taproot Wizards co-founder Udi Wertheimer, said on X, formerly Twitter. “That’s resolved once all the filings [are] done. […] It doesn’t mean anyone ‘rugged.’”

SharpLink said that, as of Friday, over 95% of the company’s Ethereum holdings had been deployed in “staking and liquid staking solutions, contributing to Ethereum’s network security while generating yield.”

Among liquid staking protocols, Lido is the most popular, containing $23 billion in assets, according to crypto data provider DefiLlama. The protocol allows investors to lock up Ethereum to earn staking rewards, while also having access to a token pegged to the price of Ethereum.

Bitcoin treasury firms, which have soared in popularity this year, are not able to earn yield on their holdings by leveraging Bitcoin’s network. The difference, in terms of staking, can be attributed to the networks’ different consensus models.

In addition to SharpLink’s initial PIPE transaction, the Minneapolis-based firm said that it had raised $79 million through at-the-market (ATM) offering of common shares. Under its ATM equity program, the company is able to issue $1 billion in equity to buy more Ethereum.

A PIPE, or Private Investment in Public Equity, allows a firm to quickly raise capital by selling shares privately to institutional or accredited investors, as opposed to a public offering.

SharpLink said in its blog post that, on a broader scale, that its Ethereum holdings were second only to the Ethereum Foundation. As of Friday, the Ethereum Foundation held $540 million worth of Ethereum, Arkham Intelligence data showed.

Edited by James Rubin

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June 13, 2025 0 comments

Crypto Trends

Solana (SOL) Treasury News: DFDV Looks to Add

by admin June 12, 2025

DeFi Development (DFDV), the Nasdaq-listed firm pursuing a solana

treasury strategy, is planning to get some more dry powder to boost its SOL stack.

According to a Thursday press release, the company has secured a $5 billion equity line of credit with RK Capital Management. The agreement allows DeFi Dev to sell shares at its discretion, so long as it meets conditions like filing a resale registration with the U.S. Securities and Exchange Commission. The company said it plans to file the necessary paperwork soon.

“We now have the flexibility and structure we need to scale,” said Joseph Onorati, Chief Executive Officer. “This is a clean, strategic path to continue growing SOL per share and compounding validator yield.”

DFDV shares rebounded from early losses and were up 12% during the Thursday session.

The company, formerly known as real estate tech platform Janover, is part of a growing trend of publicly-traded firms raising funds by selling shares and debt to add cryptocurrencies on their balance sheet, following Strategy’s playbook with bitcoin

The firm focuses on Solana, accumulating the network’s native token and operating validators. It held over 609,000 SOL tokens as of May 16, worth $96 million at current prices.

The latest move comes shortly after the firm withdrew a previous filing for a $1 billion share sale, with plans to refile again.

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June 12, 2025 0 comments