$SharpLink Gaming(SBET.US) The issues are clear:

1. The company continues to sell shares through ATM below net asset value (NAV), diluting the ETH holdings per share and causing long-term stock price discounts.

2. Management previously promised buybacks but executed none, eroding trust.

3. The number of shares is opaque, and the market assumes the worst-case scenario, further depressing valuation.

4. The result: ETH rises, BMNR surges, but SBET acts like a cheap, leaky ETH proxy.

The solution is straightforward:

• Suspend ATM when the stock price is below NAV.

• Disclose diluted share counts daily.

• Execute buybacks instead of empty promises.

Otherwise, this company is just a "paper mill printing shares for ETH," and shareholders will keep getting diluted.