Gaming technology firm SharpLink Gaming has significantly bolstered its position within the Ethereum ecosystem by acquiring 10,000 Ethereum tokens, valued at approximately $30 million, directly from the Ethereum Foundation.
The private Over-The-Counter (OTC) transaction, executed at roughly $2,600 per ETH, positions SharpLink Gaming as the second-largest Ethereum holder globally, with a total treasury holding now estimated at around 215,000 ETH worth approximately $644 million. This places the company behind the Ethereum Foundation itself in terms of ETH holdings.
Coinciding with this major acquisition, Ethereum’s market price surged, breaking through the $3,000 barrier. SharpLink Gaming has also experienced substantial market momentum, with its stock price skyrocketing 71% over the preceding week.
Industry sources indicate that the Ethereum Foundation opted for the OTC sale to SharpLink specifically to mitigate potential market disruption and avoid flooding secondary markets. The funds secured are expected to support ongoing Ethereum protocol development.
SharpLink Gaming articulated its strategy to leverage this significant Ethereum portfolio to generate yield through decentralized finance (DeFi) protocols and staking, aiming to bolster its treasury growth. The company’s strategic direction into blockchain-based asset management has gained attention, including acknowledged support from prominent figures such as Ethereum co-founder Joe Lubin.