The chairman got out first—and that’s more glaring than the stock’s 94% plunge. Consensys, controlled by Joe Lubin, has just sold all of its SharpLink shares: 5.7 million shares at $8.39 each, raising about $48 million. The regulatory filing gave just one reason: to liquidate its holdings.
Don’t forget who he is. Lubin isn’t just a major shareholder; he’s also SharpLink’s chairman. Less than 17 months ago, Consensys led a $425 million deal that transformed the marketing company into an ETH treasury stock. Lubin said at the time that ETH treasury stocks would become Berkshire-like vehicles. On the day the news broke in May 2025, the stock surged 412% to around $34, then hit an intraday high of $124.12 a few days later.
Then it was all downhill. Two weeks after the peak, the company filed resale registration documents, and the stock plunged after hours from $33 to below $11. At the time, Lubin said they were merely procedural filings and that neither he nor Consensys had sold any shares. And now? “Haven’t sold” has turned into “sold it all.” The sale price is now about 93% below the May 2025 high, while the stock is down 94% from its peak. It closed yesterday at $7.46, down another 11%.
Even worse are the fundamentals: the company lost $735 million in 2025 and is still reporting quarterly losses in 2026. MSCI has also placed SharpLink on its index exclusion watchlist. New rules are set to restrict companies like this—with no operating business—from joining its indexes before November 2026. If SharpLink is excluded, passive funds will pull out too. After selling down, Lubin still directly holds about 5 million shares, plus warrants for another 3.5 million—less than 5% combined. But the signal is clear enough: the person best known for telling the ETH treasury story has turned his chips onstage into cash first.
This hurts more than just SBET. The treasury-stock thesis was never simply about buying crypto; it was about raising money at a premium to the share price, then buying crypto. When the premium disappears, all that’s left is losses and selling pressure. Do you think ETH treasury stocks will get a second wind, or has this wave of enthusiasm completely cooled off? Comment 1 if you’re bullish, 2 if you’re bearish.
(Source: Protos)
⚠️Risk warning: The above is shared for informational purposes only and does not constitute investment advice. Investing involves risk; proceed with caution.