SharpLink Acquires 10,000 ETH from Ethereum Foundation

SharpLink Gaming (SBET), a company listed on Nasdaq, has announced the acquisition of 10,000 ETH from the Ethereum Foundation for $25.7 million. This deal, finalized on July 10 at a price of $2,572.37 per coin, elevates SharpLink's total ETH holdings to approximately 215,634, significantly increasing its asset base. At current market rates, this stash is valued at around $558 million according to DefiLlama data. Beyond enhancing its corporate ETH treasury, SharpLink emphasizes its commitment to supporting the lasting strength and decentralization of Ethereum, the dominant player in the DeFi space. "We are acquiring, staking, and restaking ETH as responsible stewards to help maintain the health of the Ethereum ecosystem," stated SharpLink Chairman and Ethereum co-founder Joseph Lubin. The Minneapolis-based company has been adjusting its balance sheet towards ether since early June, channeling funds raised through private placements, including a recent $425 million offer led by Consensys, a crypto infrastructure firm founded by Lubin. The Ethereum Foundation, located in Zug, Switzerland, is responsible for the research and development of the leading smart contract blockchain. While the Foundation has occasionally sold off ETH reserves, direct transactions with publicly traded entities like SharpLink are rare. Following the news, SBET shares experienced a 10% increase during pre-market trading, as reported by Yahoo Finance. SharpLink is among several companies actively forming corporate treasuries centered around altcoins, joining others like GameSquare, Upexi, Bit Mining, and DeFi Development Corp.