In a press release, the company announced the signing of a definitive agreement with the Ethereum Foundation, through which it will acquire 10,000 ETH on the Ethereum mainnet in exchange for 25.72 million dollars. The company will acquire these coins at an average price of 2,572.37 dollars per ETH.
This announcement comes just three days after SharpLink Gaming expanded its Ethereum treasury to 205,634 ETH. At that time, the company announced the purchase of 7,689 ETH. With the purchase of 10,000 ETH, the company will now own 215,634 ETH.
Commenting on this development, Joseph Lubin, president of SharpLink and co-founder of Ethereum, said:
"At a time when Ethereum enters a new era of institutional relevance, we are proud to support the long-term strength of the network and its mission of decentralization. This is not an exchange, but a commitment to our long-term vision. SharpLink is acquiring, staking, and re-staking ETH as responsible industry stewards, withdrawing supply from circulation and reinforcing the health of the Ethereum ecosystem".
Indeed, SharpLink Gaming has put its Ethereum treasury to work through staking and re-staking its ETH. In a previous announcement, the company revealed that it has obtained a total of 322 ETH thanks to staking and a yield generation strategy.