SharpLink directly purchased 10,000 ETH from the Ethereum Foundation.

## Purchase from the ETH Foundation

SharpLink Gaming (ticker: SBET), which is publicly listed on Nasdaq, announced on July 11 that it directly purchased 10,000 ETH from the Ethereum Foundation. The transaction price was $2,572.37 per ETH, resulting in a total investment of approximately $25.7 million (about 3.7 billion yen). The company is an affiliate marketing and iGaming software firm based in Minneapolis, USA.

As a result of this purchase, the SharpLink's ETH holdings have increased to 215,957 ETH, expanding its position as the second largest holder of Ethereum in the world. The direct purchase through over-the-counter trading is intended to minimize price impact on the market.

Following this purchase announcement, the stock price of Sharp Link continued to rise, increasing by 17.15% from the previous day.

The company aims not only to expand corporate ETH assets but also to support the long-term strengthening and decentralization of the largest DeFi assets. Joseph Lubin, co-founder of Ethereum and chairman of ConsenSys, stated, "We will acquire, stake, and restake ETH as responsible industry stewards, removing supply from the market to enhance the health of the Ethereum ecosystem."

SharpLink has started converting its balance sheet to Ethereum since early June. The funds for the purchase were raised through the sale of shares in the market, and it has already secured up to $425 million in a private placement led by Mr. Rubin's cryptocurrency infrastructure development company, ConsenSys. The company's strategic accumulation of ETH is attracting attention as a new model case for cryptocurrency investment by institutional investors.

The direct purchase from the Ethereum Foundation is seen as part of the foundation's new financial management policy. The foundation plans to conduct regular fundraising every three months, and this transaction appears to be the first large-scale deal of that initiative. Large-scale ETH purchases by companies are expected to contribute to the stabilization of the Ethereum market and the long-term increase in value.

Ethereum (ETH) News and Price

Thorough explanation of investment benefits and risks

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