SharpLink (SBET) Declines on Ethereum Drop

We recently published Wall Street’s 10 Worst Performing Stocks. SharpLink Gaming, Inc. (NASDAQ:SBET) is one of the worst performers on Wednesday.

SharpLink declined by 5.8 percent on Wednesday to close at $25.81 apiece as investors turned cautious amid the drop in Ethereum prices during the day.

As of this writing, prices of Ethereum, which SharpLink Gaming, Inc. (NASDAQ:SBET) hoards in its treasury, were down by 3.17 percent at $3,629.59 apiece as market experts predict the cryptocurrency to pull back to the $3,400 support level.

SharpLink Gaming, Inc. (NASDAQ:SBET) traders took the comment negatively, especially after the company reported last Tuesday that it hiked its ETH ownership in ETH to 360,807 following the purchase of another 79,949 ETH. The cryptocurrencies were bought at an average price of $3,238 apiece.

ETH concentration rose to 3.06, up 53 percent since the company launched its digital treasury strategy.

The lump sum transaction made SharpLink Gaming, Inc. (NASDAQ:SBET) the largest ETH owner to date.

According to SharpLink Gaming, Inc. (NASDAQ:SBET) another $96.6 million of proceeds from a recent share sale have yet to be deployed to purchase more ETH.

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