SharpLink said that during the same period of ETH purchases, the company raised $64 million in net proceeds from the sale of more than 5.4 million ETH shares, which will be used to purchase more ETH, with "a significant portion" expected to be put to use soon.
On May 30, SharpLink said it plans to sell up to $1 billion in common stock, with most of the proceeds going to ETH purchases. Just days earlier, the company announced on May 27 that it would shift to an ETH-focused fund management strategy.
On June 12, SharpLink shares plunged about 73% in after-hours trading due to a misunderstanding of the announcement of a regulatory filing that registered 58.7 million shares for possible resale.
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