SharpLink (SBET) Falls Alongside ETH Prices

We recently published 10 Stocks Hammered Harder Than Wall Street. SharpLink Gaming, Inc. (NASDAQ:SBET) is one of Tuesday’s worst performers.

SharpLink Gaming fell by 8.65 percent on Tuesday to close at $18.38 apiece as investors soured on the company’s acquisition of Ethereum last week, which was made well above current market prices.

In a statement on the same day, SharpLink Gaming, Inc. (NASDAQ:SBET) said it purchased 143,593 ETH coins last week at an average price of $4,648, or 11.5 percent higher than the $4,168.7 price as of this writing. The transaction brought the company’s total ETH ownership to 740,760, making it one of the largest owners of the token to date.

To fund the acquisition, SharpLink Gaming, Inc. (NASDAQ:SBET) recently raised $1.001 billion through a series of fundraising activities, of which more than $84 million remained unutilized.

In other news, SharpLink Gaming, Inc. (NASDAQ:SBET) reported a dismal earnings performance in the second quarter of the year, as net loss from continuing operations skyrocketed by more than 11,100 percent to $103.37 million from only $917,000 in the same period last year, primarily due to higher operating losses.

Revenues also declined by 29 percent to $697,291 from $981,272 in the same comparable period.