Summary
- It was reported that SharpLink Gaming's stock price plunged 66.34% during intraday trading after the company announced an Ethereum strategic reserve plan.
- The company stated that it had previously invested approximately $463 million to purchase 176,271 Ethereum (ETH).
- Although this large-scale purchase of Ethereum drew attention from the market, there has been no specific explanation regarding the sharp drop in stock price.
The stock price of the US-listed company SharpLink Gaming (SharpLink Gaming), which announced its intention for an Ethereum strategic reserve, plunged 66.34% during intraday trading.
According to cryptocurrency-focused media outlet Blockbit on the 13th (local time), SharpLink Gaming showed a sharp decline on the Nasdaq market, trading at $10.96 per share. Its market capitalization is estimated at around $653 million.
Previously, SharpLink Gaming invested approximately $463 million to purchase 176,271 Ethereum (ETH) tokens. This 'Ethereum strategic reserve' has drawn market attention, as it is compared to the Bitcoin holding strategy of Strategy (formerly MicroStrategy).
However, there was no specific explanation provided for the sharp decline on this day.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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