Breaking: SharpLink Purchases 10,000 ETH from Ethereum Foundation, SBET Stock Up 7%

The world’s largest public Ethereum holder, SharpLink Gaming, has expanded its ETH treasury again. This time, the company has purchased 10,000 ETH from the Ethereum Foundation, which it plans to use for DeFi purposes. The SBET stock is also up over 7% in premarket trading amid this news.

SharpLink Gaming Acquires 10,000 ETH From Ethereum Foundation

In a press release, the company announced that it has entered into a definitive agreement with the Ethereum Foundation, under which it will purchase 10,000 ETH on the Ethereum mainnet in exchange for $25.72 million. The company will acquire these coins at an average price of $2,572.37 per ETH.

This announcement comes just three days after SharpLink Gaming expanded its Ethereum treasury to 205,634 ETH. Back then, the company announced a purchase of 7,689 ETH. With the 10,000 ETH purchase, the company will now hold 215,634 ETH.

Commenting on this development, Joseph Lubin, Chairman of SharpLink and Co-Founder of Ethereum, said,

At a time when Ethereum is entering a new era of institutional relevance, we are proud to support the network’s long-term strength and decentralization mission. This isn’t a trade – it is a commitment to our long-term vision. SharpLink is acquiring, staking and restaking ETH as responsible industry stewards, removing supply from circulation and reinforcing the health of the Ethereum ecosystem

Indeed, SharpLink Gaming has put its Ethereum treasury to work by staking and restaking its ETH. In its prior announcement, the company revealed that it has earned a total of 322 ETH from its staking and a yield-generation strategy.

SBET Stock Surges 13%

Amid SharpLink Gaming’s announcement, the SBET stock price is up over 13%. TradingView data shows that the stock is currently trading at around $21, having closed yesterday’s trading session at $18.48.

The SBET stock is up 140% year-to-date (YTD), mainly thanks to its Ethereum treasury strategy. The stock is also up by over 168% in the last year. However, it is still down over 99% from its all-time high (ATH).

The recent surge in the Ethereum price has also contributed to the SharpLink Gaming stock surge. CoinMarketCap data shows that ETH is up over 8% in the last 24 hours, currently trading around the psychological $3,000 level.