SharpLink Gaming (Nasdaq: SBET), led by Ethereum co founder Joseph Lubin, has made headlines again by purchasing 10,000 ETH—worth roughly $30 million today—directly from the Ethereum Foundation. This OTC deal, executed on July 10 and unveiled on July 11, underscores the firm’s long term stance on Ethereum as a core treasury asset.
Strategic Acquisition and ETF Trends
SharpLink purchased an estimated $25.7 million or $2,572.37 per ETH, the first instance of a public company purchasing ETH directly from the Ethereum Foundation. The newly owned ETH adds to an expanding pile that just recently surpassed a total valuation of $500 million, up from $461 million three weeks ago.
This move follows a broader institutional surge: as ETH spot ETFs climb, and corporate treasuries embrace crypto, ETH continues to garner increased relevance in financial circles.
Institutional Momentum and Market Response
SharpLink’s stock, SBET, has mirrored Ethereum’s momentum. It rallied 64% over the past week, buoyed by the firm’s ETH exposure, despite being down 74% from its all-time high of $82 following a June 12 scare caused by unsubstantiated rumors of stock selling.
Meanwhile, ETH itself has appreciated nearly 20% in the same period, briefly climbing above $3,000—further validating SharpLink’s treasury-backed strategy.
Staking: Reinforcing Ethereum’s Network
Joseph Lubin described this as more than a transaction: “a commitment to our long term vision,” stressing that ETH will be staked and restaked—effectively removing it from circulation and reinforcing Ethereum’s ecosystem. As of early July, SharpLink has earned over 322 ETH in staking rewards and introduced a transparency metric called “ETH Concentration”—tracking ETH per 1,000 diluted shares, which climbed from 2.00 to 2.37.
Ethereum Foundation’s Revised Treasury Policy
The Ethereum Foundation faced criticism over ETH sells in 2024. In response, it unveiled a revamped treasury policy in June, reducing its annual ETH liquidation from 15% to 5%, and emphasizing more stable exit strategies such as fiat off-ramps and on chain swaps. Foundation contributor “Binji” on X praised this deal, stating it “went to the most diamond handed buyers possible,” effectively taking ETH off the market.
Market Context and Industry Effects
SharpLink’s ETH stack continues to grow rapidly, from 186,000 ETH in early July, to over 205,000 ETH today. The increase in ETH has boosted SharpLink’s treasury value to over $533 million. SharpLink has also continued to do additional OTC transactions, acquiring another 21,487 ETH (~$64.2 million) via Galaxy Digital and Coinbase Prime.
SharpLink’s accumulation has been so swift that it has already eclipsed The Ethereum Foundation, therefore making it one of the largest corporate holders of ETH in the world.
What does this mean for Ethereum
By staking large amounts of ETH, SharpLink is not just buying ETH–SharpLink is effectively supporting Ethereum and it’s tokenomics. The transaction will also marginally lessen circulating supply, potentially influencing buy/sell mechanics and supply/demand. If companies with high-profile corporate clients can create some type of institutional framework for using ETH in treasuries, this could lead to more companies adopting ETH as treasuries, which contributes to Ethereum’s gravity in the institutional finance world.
Lubin sees this as also more than just firms and strategy adopting corporate fiat—it is a specific model for “protocol native finance,” overcoming the divide between profit-seeking firms with stakeholders and values around web3 infrastructure.
Final Takeaway
SharpLink’s $30 million ETH acquisition stands as a strategic and symbolic move: backing Ethereum, fostering decentralization, and pushing the boundaries of corporate treasury management.It demonstrates a growing institutional hunger for ETH—not only as a speculative asset but as a core part of the financial infrastructure. With staking rewards coming through and new transparency metrics, SharpLink’s bet could become a blueprint for corporate crypto adoption.
