SharpLink Gaming (SBET) confirmed Monday morning the completion of its $450 million funding round, earmarked for purchasing Ethereum (ETH) to bolster its treasury.

After last week’s staggering 2,000% rally, SharpLink shares fell about 30% in early Monday trading, retracing some of the extraordinary gains.

The company’s share price rocketed from below $3 to over $100 at one point following news of the fundraising effort and the appointment of Ethereum co-founder Joseph Lubin as chairman of SharpLink’s board.

In the recent capital raise, SharpLink issued 69 million shares. However, as noted by pharmaceutical entrepreneur Martin Shkreli, the majority of these shares are currently restricted. “Most of the 69 million shares are tied up under a registration rights agreement, which won’t become effective for several months. Only about 2 million shares are currently tradable,” he said.

Shares issued through private placements often come with trading restrictions until the company completes the regulatory filing process, known as registration. This process can take months, keeping many shares off the market and reducing the public float.

SharpLink’s limited public float has likely fueled the volatile price action, as a small number of freely tradable shares combined with huge investor interest triggered last week’s dramatic surge.

Now, with the completion of the capital raise and the addition of high-profile crypto leadership, the stock has pulled back modestly, reflecting the market’s adjustment after the initial excitement.