Following a parabolic rise towards the end of May, Ethereum treasury company SharpLink’s SBET stock was decimated last week, falling by 76% in after-hours trading on June 12.

Despite the concerning price action, other corporations are ramping up their crypto risk profiles and acquiring altcoins such as FET, HYPE, and XRP to gain a foothold in the crypto market.

SBET tanked after hours on Thursday, falling from $32.52 to as low as $9, after Steven Zheng, a researcher at The Block, posted on X that “basically every participant in SBET’s private placement filed to dump all their shares less than a month after they announced the ETH Treasury Strategy move.”

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