HUGE: @ethereumjoseph says @SharpLinkGaming is looking into issuing convertible notes What does this mean? To this date, SharpLink has been selling their stock ATM (At-The-Market), which caused dilution for $SBET investors This has caused FUD and led to the stock crashing from $37 to under $20 in less than 2 weeks SharpLink issuing convertible notes means they’ll be able to raise funds without immediate dilution Note that convertibles carry debt risks and potential future dilution upon conversion But short-term, this could stabilize $SBET (less shares hitting the market) It also means $SBET would become a leveraged bet on Ethereum, just how $MSTR (Strategy) is a leveraged bet on Bitcoin

Something else to note is that SharpLink's ATM stock sales have appeared to be accretive to shareholders This means the value of their $ETH purchases, funded by issuing new shares, has outpaced dilution This is shown in their "ETH Concentration" metric, which has been going up only since their treasury strategy began on June 2nd (ETH Concentration = Total ETH held ÷ 1,000 diluted shares outstanding) Their latest report states that "ETH Concentration rose to 3.40 from 3.06 week over week, up 70% since launch" That's a 1.7x increase in their ETH Concentration, meaning that if they plan to issue convertible notes, that could further enhance this metric by minimizing immediate dilution

This is why we’ve been locked in on $SBET. The dilution. The debt risk. The $ETH treasury angle. It’s unfolding fast and we’re tracking every move. If you want to stay ahead.. Sign up here: