Why did SBET move on Jul 17, 2025?

SharpLink Gaming (SBET) shares fell 6.8% on July 17, 2025, after the company filed a prospectus supplement with the SEC to drastically increase its at-the-market (ATM) stock offering. The amendment raised the maximum aggregate offering amount of its common stock from $1 billion to $6 billion to fund additional Ethereum (ETH) purchases. This massive $5 billion upsize triggered immediate investor concerns over heavy shareholder dilution.