Continuing its buying spree, SharpLink Gaming has acquired another batch of 10,000 ETH directly from the Ethereum Foundation for $25.7 million. The move follows the company’s earlier $462.9 million purchase of 176,270.69 ETH in June, cementing its status as the largest publicly-traded ETH holder globally.
This latest purchase, announced officially via X, was carried out with an average price of $2,572 per ETH. “Ethereum is entering a new era of institutional relevance, and we’re proud to support its long-term strength and mission,” SharpLink notes.
This puts the company in a position of hefty profit as ETH price has now soared to ~$3,000–as per latest market data.
What’s more surprising in this latest purchase is SharpLink’s direct deal with the Ethereum Foundation. The move hints at a strategic alliance or liquidity strategy, especially as over 95% of SharpLink’s ETH is staked, yielding 4-6% annually.
“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,” says Joseph Lubin, the Chairman of SharpLink, Co-Founder of Ethereum and Founder and CEO of Consensys.
“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,” Lubin added, “Moreover, we see this as the start of something bigger – a model for how mission-driven organizations can work to advance our ecosystem’s shared goals of decentralization, economic empowerment and protocol-native finance.”
This comes on the edge while Ethereum (ETH) price surges by nearly 8% in the past 24 hours to break past $3,000 earlier today. At the time of writing, ETH is trading near $2,985, reflecting a 16% gain since SharpLink’s latest purchase.
Also read: Ethereum Developers Plan zkEVM for Base Layer; Does it Matter Now?
