SharpLink sold by Lubin's Consensys after 94% plunge

Consensys, the software entity controlled by Joe Lubin, offloaded $48 million worth of SharpLink, a gambling marketing business that pivoted to an ETH treasury stock and surged 40-fold last year amid a speculative frenzy in crypto treasury stocks.

Lubin, who also chairs SharpLink, directed the sale of all 5.7 million SBET common shares from Consensys at $8.39 each, 93% below the stock's May 2025 peak.

By the close of trading yesterday, the stock had declined an additional 11%.

Lubin and holders associated with him told regulators the sale was "to liquidate their position."

Last year, Lubin asserted that ETH treasury stocks like SharpLink would become "Berkshire Hathaway-style" vehicles.

Fewer than 17 months ago, Consensys led a $425 million deal that included crypto billionaires Dan Morehead of Pantera, Mike Novogratz of Galaxy Digital, Michael Arrington of Arrington Capital, and Cristian Gil of GSR.

Nonetheless, their participation did not stop the stock from suffering a 94% collapse since last year's peak.

Even after this substantial sale, Lubin still retains less than 5% of SharpLink, which includes about 5 million shares directly and another 3.5 million in warrant coverage through Consensys Software.

What was once a large fortune has turned into losses for nearly everyone, with the stock's price line trending toward zero rather than any new high.

$SBET is built for a future where $ETH plays a foundational role in global finance

We believe that long-term alignment, transparency, and disciplined accumulation are what institutional investors value most

— Sharplink (@Sharplink) August 9, 2025

SharpLink share price declines from $124.12 to $7.46

Upon announcing the ETH deal on 27 May 2025, SharpLink shares surged 412% to about $34 in a single session. On that Friday, they reached an intraday high of $124.12, a level widely seen as irrational.

Yesterday, shares closed at $7.46 for trading.

The first warning came two weeks after the May 2025 peak. SharpLink shares tumbled from $33 to less than $11 in one after-hours session after the company filed a resale registration with the SEC.

At the time, Lubin said the filing was procedural and that neither he nor Consensys had sold any shares.

Now Consensys has indeed sold.

SharpLink's management described its treasury as a signal that "a new Ethereum era is taking shape."

The income statement shows a different picture. The company lost $735 million in 2025 and has already reported quarterly losses in 2026.

Index provider MSCI has also placed SharpLink on its removal watchlist after implementing rules to limit non-operating companies from its indices by November 2026.

If removed, SharpLink would lose certain passive investment flows that currently benefit it.