SharpLink Gaming Acquires 10,000 ETH, SBET Shares Surge
SharpLink Gaming has made two sizeable Ethereum acquisitions, boosting its ETH reserves and realising substantial gains. Over a six-hour span, the firm purchased 21,487 ETH, generating a floating profit of about $79.9 million. On July 10, it executed an OTC deal for 10,000 ETH with the Ethereum Foundation at an average price of $2,572.37 per token. Co-founder Joseph Lubin emphasised the move underscores SharpLink’s commitment to decentralisation, with plans to stake and restake tokens to reduce circulating supply. The Ethereum Foundation confirmed that proceeds will fund core operations, protocol development and community grants. Following the announcement, SBET shares jumped 10% in pre-market trading, closing at $21.65 and lifting market capitalisation to roughly $1.55 billion. Analysts view these purchases as a sign of growing institutional interest and a bullish catalyst for ETH price and market stability.
Bullish
SharpLink’s large ETH purchases and OTC deal signal strong institutional confidence in Ethereum. The combined 31,487 ETH acquisition reduces near-term sell pressure and supports ETH price. Staking commitments will further tighten circulating supply, fostering long-term bullish momentum. The 10% jump in SBET shares reflects positive market sentiment. Together, these factors point to upward pressure on ETH, backing both short-term rallies and sustained growth.