SharpLink Gaming buys US$25.7 million in Ethereum
US igaming and sports betting affiliate SharpLink has bought 10,000 Ethereum for US$25.7 million.
SharpLink Gaming is listed on the Nasdaq and is the largest publicly traded company globally to use Ethereum as its primary treasury asset.
The latest transaction completed on July 10, when SharpLink agreed to a per-Ethereum price of US$2,572.37 with the Ethereum Foundation, which is a non-profit established to support the Ethereum ecosystem.
The Ethereum Foundation provides funding and coordination for those involved with the currency and holds a significant amount of Ethereum. The cryptocurrency’s inventor Vitalik Buterin is a member of the Ethereum Foundation’s board.
Chairman of Sharplink Joseph Lubin, who co-founded Ethereum and is Chief Executive of blockchain development studio ConsenSys, said, “This isn’t a trade – it is a commitment to our long-term vision. SharpLink is acquiring, staking and restaking ETH as responsible industry stewards, removing supply from circulation and reinforcing the health of the Ethereum ecosystem.
“Moreover, we see this as the start of something bigger – a model for how mission-driven organizations can work to advance our ecosystem’s shared goals of decentralization, economic empowerment and protocol-native finance.”
SharpLink, based in Minneapolis, Minnesota, provides affiliate marketing for several prominent US igaming operators. In 2023, it inked a partnership with BetMGM to develop free-to-play games and contests for BetMGM.
The company has recently expanded its influence in the gambling and crypto space, acquiring a 10% stake in Armchair Enterprises, the UK parent company of CryptoCasino.com.
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