Sharplink has dropped 91% from its peak market value due to panic over the ETH treasury

ChainCatcher news, according to Protos, Sharplink Gaming, one of the largest Ethereum (ETH) treasury companies, experienced a crash in after-hours trading yesterday, with its stock price plummeting from $33 at the NASDAQ closing bell to below $11 by 8 PM. Two weeks ago, Sharplink's stock (SBET) was valued at $124, meaning it has lost 91% of its value since then.

The market panicked over the unexpected announcement of shareholder dilution, while a viral tweet from The Block's Steven Zheng claimed, "Almost all participants in the SBET private placement have sold off all their shares less than a month after announcing the ETH treasury strategy initiative." Alarmingly, Sharplink's trading volume surged to over 10 times the average, with its single-day percentage loss exceeding that of any previous trading day.