SharpLink Gaming buys ETH directly from the Ethereum Foundation as SBET stock rises over 7%, boosting its position as the top Ethereum treasury holder.
SharpLink Gaming, the most extensive Ethereum treasury in the world, has once again increased its holdings.
The business intends to use the 10,000 ETH it bought from the Ethereum Foundation for DeFi this time.
In light of this news, the SBET stock is also up more than 7% in premarket trade.
Ethereum Foundation Sells 10,000 ETH To SharpLink Gaming
In a press release, the business said it has reached a final deal with the Ethereum Foundation, whereby it will pay $25.72 million to buy 10,000 ETH on the Ethereum mainnet.
The corporation will purchase these currencies for an average of $2,572.37 per Ethereum.
Only three days have passed since SharpLink Gaming increased the size of its Ethereum treasury to 205,634 ETH.
At that time, the business declared that it was buying 7,689 ETH. The corporation will now have 215,634 ETH after purchasing 10,000 ETH.
Joseph Lubin, the chairman of SharpLink and a co-founder of Ethereum, commented on this development.
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, by staking and restaking its Ethereum, SharpLink Gaming has used its Ethereum treasury.
The company’s previous release shows that its yield-generation and staking strategies have generated 322 ETH.
SBET Stock Rises 7%
The SBET stock price is up more than 7% in premarket trading on the announcement of SharpLink Gaming.
According to TradingView data, the stock completed yesterday’s trading session at $18.48 and is now trading at about $19.72.
The primary reason for the SBET stock’s 140% year-to-date (YTD) increase is its Ethereum treasury strategy.
The stock has also increased by more than 168% in the past year. However, it has still dropped more than 99% from its peak.
The recent spike has also influenced the sharp rise in SharpLink Gaming’s stock due to the price of Ethereum.
According to CoinMarketCap data, ETH has increased by more than 7% over the past day and is trading just below the psychological $3,000 mark.
