$Sharplink(SBET.US)

May 27: Sold stocks to raise funds for buying coins.

At the end of May, a $425 million private investment in public equity (PIPE) was planned to issue approximately 69.1 million shares of common stock (or equivalent securities) at $6.15 per share ($6.72 per share for company management team members).

June 13: Sold stocks again to raise funds for buying coins. The problem is, the price was very low, leading to a sharp drop.

The company filed a registration statement for selling shareholders to resell up to 91.9 million shares, including approximately 58.7 million common shares, approximately 10.4 million pre-funded warrants, approximately 3.5 million strategic advisor warrants, and approximately 2.8 million placement agent warrants. These shares were issued in the PIPE offering and registration statement in May 2025.

The registration covers securities issued to Consensys Software Inc. as a strategic advisor, which received warrants exercisable at $6.15 to $7.995 per share. The warrants received by A.G.P./Alliance Global Partners as a placement agent are exercisable at $7.688 per share. The company will not receive proceeds from the resale of the shares but may receive up to $45 million if all warrants are exercised.

My personal opinion:

This company is not here to exploit naive investors in such a short time. After all, the founder of ETH has joined, so there's no need to act so quickly.

The after-hours drop was nearly 70%, and the safety margin is already very high.

Just a small position for fun. (Not investment advice)