Consensys, the software company controlled by Joe Lubin, has sold $48 million worth of SharpLink, the gambling marketing company-turned-ETH treasury stock that pumped 40x last year during a manic bubble in crypto treasury stocks.
Lubin, who’s also chairman of SharpLink, oversaw the sale of all 5.7 million SBET common shares held by Consensys for $8.39 apiece, 93% below SharpLink’s May 2025 peak.
As of yesterday’s close, the stock is down another 11%.
Lubin and the holders linked to him told regulators the sale was “to liquidate their position.”
Last year, Lubin claimed that ETH treasury stocks like SharpLink would become “Berkshire Hathaway-style” vehicles.
Less than 17 months ago, Consensys was leading a $425 million deal alongside a who’s who of crypto billionaires, including Pantera’s Dan Morehead, Galaxy Digital’s Mike Novogratz, Arrington Capital’s Michael Arrington, GSR’s Cristian Gil.
However, their participation hasn’t prevented a 94% wipeout since the company’s peak last year.
Despite the substantial cash-out, Lubin still holds less than 5% of SharpLink, including about 5 million shares directly plus 3.5 million shares of warrant coverage via his Consensys Software.
It was once a fortune, but almost everyone has lost money along its trendline that has moved closer to $0 than any possibility of a new high.
From $124.12 to $7.46 per SharpLink share
When SharpLink announced its ETH deal on May 27, 2025, its shares jumped 412% to about $34 in a single session. They hit an obviously irrational $124.12 intraday high that Friday, May 30.
Yesterday, shares closed for trading at $7.46.
The first warning came two weeks after the May 2025 peak. SharpLink shares fell from $33 to under $11 during a single after-hours trading session after the company filed a resale registration statement with the SEC.
At the time, Lubin said the filing was procedural and that neither he nor Consensys had sold.
Well, Consensys has now sold.
Read more: Crypto treasury companies are trading for less than their holdings
Management called SharpLink’s treasury a signal that “a new Ethereum era is taking shape.”
The income statement disagrees. The company lost $735 million in 2025, and has already posted quarterly losses in 2026.
Indexation giant MSCI has also added SharpLink to its removal watchlist after adopting rules to limit so-called non-operating companies from its indices by November 2026.
Removal will eliminate certain passive investment flows from benefiting SharpLink.
Got a tip? Send us an email securely via Protos Leaks. For more informed news and investigations, follow us on X, Bluesky, and Google News, or subscribe to our YouTube channel.
The post Joe Lubin sells SharpLink after 94% stock collapse appeared first on Protos.
