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.
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.
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When SharpLink announced its ETH deal on May 27, 2025, its shares jumped 412% to about $34 in a single session. 12 intraday high that Friday, May 30.
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