SharpLink Gaming Buys 10,000 ETH for $30 Million, Stock Jumps 50%

SharpLink Gaming, Inc. has recently made headlines with a significant acquisition in the digital asset space. The company purchased 10,000 Ethereum (ETH) from the Ethereum Foundation for approximately $30 million. This transaction, completed on July 10, 2025, involved an over-the-counter sale where each ETH was acquired at around $2,600 per coin. The Ethereum Foundation, a non-profit organization that funds research and development related to Ethereum, acknowledged the sale, describing it as a strategic move to support its initiatives.

SharpLink's stock has seen a notable increase following this acquisition. The company's shares have risen by 50% over the past week, with the stock trading around $20 per share. This surge in stock price coincides with Ethereum's climb above $3,000 for the first time in five months, reflecting a broader positive sentiment in the cryptocurrency market. The Ethereum Foundation's sale to SharpLink was perceived by some as a creative way to address concerns about the organization's use of funds, as OTC sales do not impact the secondary market.

SharpLink's strategic pivot to Ethereum as its primary treasury asset is part of a broader initiative led by its Chairman of the Board, Joe Lubin, who is also a co-founder of Ethereum and the CEO of Consensys. The company aims to maximize shareholder value by growing the amount of digital assets it owns. SharpLink is now one of the largest publicly-held Ethereum entities, with around 215,000 ETH worth approximately $644 million, second only to the Ethereum Foundation. This acquisition is part of a larger investment strategy that includes a $462.9 million investment in ETH and a recent $24.4 million At-The-Market equity raise.

Despite facing significant financial challenges, including a net income loss of approximately $974,901 and relatively low revenue generation of just over $3.66 million, SharpLink's strategic moves indicate a commitment to growth and innovation. The company has committed all its ETH holdings to staking protocols, earning approximately 322 ETH in staking rewards since the program's inception. This move not only attracts investor interest but also boosts its market value, positioning SharpLink as a notable player in the Ethereum market. Joe Lubin has stated that the company is buying "tens of millions" in Ether daily, further solidifying its position as a major player in the digital asset space.