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Home Market Research Cryptocurrency

SharpLink Gaming Purchases 10,000 ETH, SBET Stock Up

by TheAdviserMagazine
4 months ago
in Cryptocurrency
Reading Time: 5 mins read
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SharpLink Gaming Purchases 10,000 ETH, SBET Stock Up
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The world’s largest public Ethereum holder, SharpLink Gaming, has expanded its ETH treasury again. This time, the company has purchased 10,000 ETH from the Ethereum Foundation, which it plans to use for DeFi purposes. The SBET stock is also up over 7% in premarket trading amid this news.

SharpLink Gaming Acquires 10,000 ETH From Ethereum Foundation

In a press release, the company announced that it has entered into a definitive agreement with the Ethereum Foundation, under which it will purchase 10,000 ETH on the Ethereum mainnet in exchange for $25.72 million. The company will acquire these coins at an average price of $2,572.37 per ETH.

This announcement comes just three days after SharpLink Gaming expanded its Ethereum treasury to 205,634 ETH. Back then, the company announced a purchase of 7,689 ETH. With the 10,000 ETH purchase, the company will now hold 215,634 ETH.

Commenting on this development, Joseph Lubin, Chairman of SharpLink and Co-Founder of Ethereum, said,

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. 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

Indeed, SharpLink Gaming has put its Ethereum treasury to work by staking and restaking its ETH. In its prior announcement, the company revealed that it has earned a total of 322 ETH from its staking and a yield-generation strategy.

SBET Stock Surges 7%

Amid SharpLink Gaming’s announcement, the SBET stock price is up over 7% in premarket trading. TradingView data shows that the stock is currently trading at around 19.72, having closed yesterday’s trading session at $18.48.

SBET Stock Daily Price
Source: TradingView

The SBET stock is up 140% year-to-date (YTD), mainly thanks to its Ethereum treasury strategy. The stock is also up by over 168% in the last year. However, it is still down over 99% from its all-time high (ATH).

The recent surge in the Ethereum price has also contributed to the SharpLink Gaming stock surge. CoinMarketCap data shows that ETH is up over 7% in the last 24 hours, currently trading just under the psychological $3,000 level.

Ethereum Daily ChartEthereum Daily Chart
Source: CoinMarketCap

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand.

Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing.

Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.



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