Sharplink Gaming's stock price plummeted over 20% in pre-market trading, following a staggering 1,918.26% surge over the past 5 days.

On June 2nd, the stock price of SharpLink Gaming dropped by more than 20% in the pre-market, with a 5-day increase of 1,918.26%. BlockBeats previously reported that on May 31st, SharpLink Gaming submitted Form S-3 ASR to the U.S. SEC and entered into an ATM (At-The-Market) sales agreement with A.G.P. Under this agreement, up to $1 billion of common stock can be issued and sold through A.G.P. The vast majority of the proceeds from this offering will be used to purchase the native cryptocurrency of the Ethereum blockchain, ETH. The funds raised from this offering are also planned to be used for working capital needs, general corporate purposes, operational expenses, etc. SharpLink Gaming had previously entered into a $425 million private investment agreement, with Consensys Software Inc. leading the investment as the primary investor. Participants included well-known crypto venture capital firms such as ParaFi Capital, Electric Capital, Pantera Capital, Galaxy Digital, and others. The transaction was expected to be completed on May 29th.