The Florida Fish and Wildlife Conservation Commission is aware of the video and officials say they are now investigating the incident.
"Decals generate funding for research, rescue and management efforts that help Florida's manatees and sea turtles survive", the FWC said in a news release.
FWC Spokesman Robert Klepper says the agency is investigating both who took the video and where the incident took place.
A spokesperson for FWC said they take this incident very seriously and they're investigating.
Most of the feedback on both sites was not positive toward the men in the video, and almost all of it included profanity.
Investigators said they don't know who originally posted the video, where it was shot, or what happened to the shark.
"I guess they saw a need to send me that video - like I was going to condone that kind of behavior, which I don't", Quartiano said, adding that he believes the people who sent it: "thought this was amusing".
"What they did, post the video and laugh about it is disgusting".
South Florida charter fishing Captain Mark "Mark The Shark" Quartiano shared the video on Instagram on Monday, saying it was sent to him by two other Instagram users.
It shows three men in a power boat dragging a shark tied to the back of the boat at a approximately 45 miles per hour.