After SharpLink's stock price surged 2000% last week and then pulled back by 30%, the company completed a $450 million financing round and launched an ETH strategy.

Odaily Planet Daily reports that SharpLink Gaming (SBET) stock price fell 30% in early trading on Monday in the U.S. markets, giving back part of last week's 2000% surge. Previously, the company announced the completion of a $450 million financing round, with plans to use the funds to purchase Ethereum as the company's treasury asset. Meanwhile, Ethereum co-founder Joseph Lubin will join the board and serve as chairman.

The financing round was completed through the issuance of 69 million shares, but according to Martin Shkreli, only 2 million shares are currently available for trading on the market. The remaining shares are restricted under registration rights agreements and are expected to become tradable after several months. The low float had driven the stock price last week from under $3 to over $100 at one point, but it has started to decline due to the realization of positive news and market supply-demand fluctuations. (CoinDesk)