SharpLink Gaming (SBET) stock sank on Friday after the online gaming and sports betting company purchased 176,271 Ethereum (ETH) for $462,947,816. This had the company pay an average of $2,626 per ETH.
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Rob Phythian, CEO of SharpLink Gaming, said, “Our decision to make ETH our primary treasury reserve asset reflects deep conviction in its role as programmable, yield-bearing digital capital.” SharpLink Gaming Chairman Joseph Lubin, who also co-founded Ethereum, agreed with Phythian’s statements.
SBET stock was down 67.51% during pre-market trading on Friday. However, the stock is still up 320.84% year-to-date. Today’s drop comes with some 5.58 million shares traded, compared to a three-month daily average of 4.16 million shares.
Is SharpLink Gaming Stock a Buy, Sell, or Hold?
Wall Street’s coverage of SharpLink Gaming is thin, but TipRanks’ AI analyst, Spark, has the shares covered. Spark rates SBET stock an Underperform (40) with no price target. It highlights “weak financial performance, characterized by declining revenues and persistent losses” as reasons for this bearish stance.
