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Investing.com -- SharpLink Gaming (NASDAQ:SBET) stock rose 10% after the company announced it completed a direct purchase of 10,000 ETH from The Ethereum Foundation.
SharpLink, which calls itself the world’s largest publicly traded company to adopt Ethereum as its primary treasury reserve asset, entered into a definitive agreement with the Ethereum Foundation to purchase the cryptocurrency on the Ethereum mainnet for $25,723,680. The per ETH purchase price was $2,572.37, and the transaction closed on July 10, 2025.
The Ethereum Foundation, headquartered in Zug, Switzerland, is one of the principal stewards of the Ethereum ecosystem, providing funding, coordination, and guidance to developers and innovators building on Ethereum’s decentralized infrastructure.
Joseph Lubin, Chairman of SharpLink, Co-Founder of Ethereum and Founder and CEO of Consensys, commented on the transaction: "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."
Lubin added that the purchase represents a commitment to the company’s long-term vision rather than a trade. SharpLink plans to acquire, stake and restake ETH as "responsible industry stewards," removing supply from circulation and supporting the Ethereum ecosystem.
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