Recently, Sharplink Gaming agreed to a direct purchase of 10,000 ETH from the Ethereum Foundation as part of an OTC deal. This occurred amidst rising ETH prices.
Deal Details
Sharplink Gaming entered an agreement with the Ethereum Foundation to acquire 10,000 ETH at a price of $2,572.37. The deal was completed on July 10, coinciding with ETH rising above $3,000. The ether funds will come from the Foundation's known multisig wallet.
Sharplink's Long-Term Strategy
Chairman of Sharplink, Joseph Lubin, stated the company will adhere to a long-term investment strategy. The acquired ETH will be used for staking, contributing to the security of the Ethereum ecosystem.
Ethereum Foundation's ETH Sales
The Ethereum Foundation also sold 1,210 ETH for 3.5 million USDC shortly before the token's price breakout. These funds will be utilized for sponsoring smaller projects and covering operational costs while the Foundation retains over 198K ETH in reserves.
The deal between Sharplink Gaming and the Ethereum Foundation highlights the increasing institutional significance of Ethereum in the cryptocurrency market. Further actions from both parties are expected to focus on strengthening ETH's position.
