SharpLink's stock price soared 2000% last week before falling back 30%, completing $450 million in financing and launching ETH strategy

News: SharpLink Gaming (SBET) stock price dropped 30% in early U.S. trading on Monday, giving back part of its 2000% gains from last week. Previously, the company announced the completion of a $450 million financing round, planning to use the funds to purchase Ethereum as corporate treasury assets. Additionally, Ethereum co-founder Joseph Lubin will join the board and serve as chairman. The financing round was completed through the issuance of 69 million shares, but according to Martin Shkreli, currently only 2 million shares are circulating in the market, with the remaining shares restricted by registration rights agreements and expected to be tradable in several months. The low circulating supply previously drove the stock price from less than $3 to over $100 last week, and it is now starting to decline due to profit-taking and market supply and demand fluctuations. (CoinDesk)