Sharplink Gaming, one of the largest ether (ETH) treasury companies, had a meltdown in after-hours trading yesterday as its shares crashed from $33 at NASDAQ’s closing bell to below $11 by 8pm.

Two weeks ago, Sharplink shares (SBET) were worth $124, meaning they’ve shed 91% of their value since this all-time high.

Panicked over a seemingly surprise announcement of shareholder dilution, a viral tweet from The Block’s Steven Zheng claimed, “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.”

Concerningly, trading volume for Sharplink exploded over 10X higher than its average, and its single-day loss on a percentage basis exceeded any prior trading day.

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