10 Stocks Collapse Overnight

6. SharpLink Gaming, Inc. (NASDAQ:SBET)

SharpLink Gaming snapped a five-day winning streak on Monday, shedding 6.63 percent to finish at $22.33 apiece as investors soured on news that it raised $400 million from a series of share purchase agreements.

In a statement, SharpLink Gaming, Inc. (NASDAQ:SBET) said it entered into share purchase agreements with five global institutional investors for the sale of securities at a price of $21.76 apiece. With some $400 million total proceeds expected to be raised, this means that the company is set to issue more than 18.3 million shares. The offer is expected to be completed on Tuesday, August 12.

The offering was said to be part of a shelf registration statement approved by the Securities and Exchange Commission on May 30, 2025.

SharpLink Gaming, Inc.’s (NASDAQ:SBET) share sale was in line with expectations of growing its Ethereum holdings to $3 billion.

At present, SharpLink Gaming, Inc. (NASDAQ:SBET) holds 598,800 units of ETH, while approximately $200 million worth of proceeds from its recent at-the-market offering have yet to be deployed.

“Raising nearly $900 million in capital over the past week underscores the market’s confidence in SharpLink’s ETH treasury strategy. The speed and scale of these investments reflect not only investor trust in SharpLink, but also the growing recognition of Ethereum’s transformative potential,” said SharpLink Gaming, Inc. (NASDAQ:SBET) co-CEO Joseph Chalom.