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Investing.com -- SharpLink Gaming Inc. shares rose 19% in premarket trading on Monday, partially recovering from a 72% drop on Friday that followed a routine private investment in public equity (PIPE) registration of shares for investors.
The betting technology and Ethereum treasury company’s Chairman Joseph Lubin, who is also Ethereum co-founder, addressed the situation in posts on X last week. Lubin explained that the filing was "standard post-PIPE procedure in tradfi, not an indication of actual sales," with "tradfi" referring to traditional finance.
In a Friday post, Lubin added: "Crypto Twitter should understand that there are securities industry rules regarding what insiders like me can and can’t say, and timing rules around what we can say and do. All will be revealed in good time, according to plan and the law."
SharpLink has experienced volatile trading recently. The company’s stock price increased by as much as 1,747% in the four days after announcing its Ethereum treasury strategy, before the sharp decline on Friday.
According to the context provided, SharpLink currently holds 176,270.69 Ethereum tokens, valued at approximately $460.6 million.
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