SharpLink Gaming takes a significant step in the cryptocurrency space by acquiring 10,000 ETH from the Ethereum Foundation, which could impact Ethereum's future.
Strategic ETH Purchase
On July 10, 2025, SharpLink Gaming completed the purchase of 10,000 ETH for $25.7 million, acquiring each ETH at $2,572.37. The direct transaction with the Ethereum Foundation highlights the company's commitment to the Ethereum ecosystem. This purchase makes SharpLink the largest publicly traded company to adopt Ethereum as a primary reserve asset.
Management Statement
SharpLink Chairman Joseph Lubin emphasized that this acquisition is not merely a short-term bet, but a serious commitment to Ethereum's mission. He noted that SharpLink will acquire, stake, and re-stake ETH, helping to reduce supply and strengthen the network.
Market Implications
The announcement has boosted SharpLink's stock price (SBET) by over 8%, reaching around $19.90. At the same time, Ethereum's price surged by 7%, climbing to just under $3,000. Ethereum also broke past key resistance levels, touching $3,040 before slowing down.
The acquisition of 10,000 ETH by SharpLink Gaming confirms their strategic commitment to Ethereum and may have a significant impact on the cryptocurrency market.
