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.
$SBET is built for a future where $ETH plays a foundational role in global finance
We believe that long-term alignment, transparency, and disciplined accumulation are what institutional investors value most
— Sharplink (@Sharplink) August 9, 2025
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.
Joe Lubin’s Sharplink crashes 91% in two weeks amid $ETH treasury panic
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.
