SharpLink Gaming Buys 10,000 ETH for $25.72 Million at Discount

SharpLink Gaming, a Nasdaq-listed company, has made a significant acquisition of 10,000 ETH directly from the Ethereum Foundation. This purchase, valued at $25.72 million, was completed through an over-the-counter (OTC) deal on the Ethereum mainnet. The transaction was facilitated at an average price of $2,572.37 per ETH, which was notably lower than the market price at the time.

This acquisition has bolstered SharpLink Gaming’s total Ethereum holdings to 215,634 ETH, valued at approximately $647 million. The company expressed its commitment to supporting Ethereum’s long-term mission and institutional relevance through this investment. Joseph Lubin, the co-founder of Ethereum and the newly appointed Chairman of the Board of Directors at SharpLink, played a pivotal role in this transaction. Lubin emphasized that this purchase is not merely a trade but a long-term commitment to holding Ethereum, aiming to maintain the health of the Ethereum ecosystem by staking and restaking ETH, thereby reducing the circulating supply.

Lubin’s vision for this acquisition extends beyond financial gain; he sees it as a model for how mission-driven organizations can collaborate to advance shared goals within the ecosystem, including decentralization, economic empowerment, and protocol-native finance. The Ethereum Foundation also addressed the community’s concerns regarding the sale, clarifying that the proceeds will fund core operations such as protocol research and development, ecosystem development, and community grant funding. The foundation reiterated that this transaction is part of its ongoing treasury management activities, adhering to the policy published in June.

The Ethereum Foundation’s 0xc061 Safe multisig wallet has been receiving 1,000 ETH in multiple transactions over the past two months, with a portion of these funds reportedly going to SharpLink. This transaction has sparked discussions within the community about the foundation’s operations and its role in managing Ethereum’s ecosystem. Despite the community’s interest, the foundation remains committed to its mission of supporting the long-term growth and development of Ethereum.