Chiara Bianchi
In a strategic over-the-counter acquisition, SharpLink Gaming (SBET) has purchased 10,000 ETH directly from the Ethereum Foundation, significantly boosting its Ethereum holdings. The deal, completed on July 10 at a price of $2,572.37 per ETH, raised the companyโs treasury to a total of 215,634 ETH โ currently worth more than $558 million, according to DefiLlama data.
The Minneapolis-based iGaming and affiliate software company began shifting its reserves to Ethereum in early June, aiming to build the largest ETH treasury among publicly traded firms. With this recent acquisition, SharpLink deepens its commitment to Ethereumโs ecosystem while strategically reducing the available ETH supply.
โSharpLink is buying, staking, and re-staking Ethereum in a way that supports decentralization and reinforces the overall strength of the network,โ stated Joseph Lubin, SharpLinkโs Chairman and Ethereum co-founder.
Funding the ETH Accumulation Spree
SharpLink has fueled its ETH accumulation using proceeds from at-the-market share sales, reportedly raising up to $425 million in a private funding round led by Consensys, a blockchain firm also founded by Lubin.
Ethereum Foundation Continues Selective ETH Sales
While the Ethereum Foundation, headquartered in Zug, Switzerland, has sold ETH in the past, direct sales to publicly traded companies remain rare. This move marks a significant milestone, highlighting growing corporate interest in long-term crypto asset strategies.
Investor Confidence Surges
Following the announcement, SBET shares jumped 10% in pre-market trading, according to Yahoo Finance. SharpLink joins a rising number of companies such as GameSquare, Upexi, and Bit Mining that are adopting altcoins as corporate treasury assets.
