Consensys, the software company controlled by Joe Lubin, has sold $48 million worth of SharpLink, the gambling marketing company-turned-ETH treasury stock that pumped 40x last year during a manic bubble in crypto treasury stocks.
Lubin, who’s also chairman of SharpLink, oversaw the sale of all 5.7 million SBET common shares held by Consensys for $8.39 apiece, 93% below SharpLink’s May 2025 peak.
As of yesterday’s close, the stock is down another 11%.
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.
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.
Read more: Crypto treasury companies are trading for less than their holdings
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.
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