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The \u201cMicrostrategy of ETH\u201d purchased 10,000 ETH from the Ethereum Foundation, with the proceeds being used by the EF to fund operations.<\/p>\n
Sharplink, the gaming company led by Ethereum co-founder Joseph Lubin, revealed<\/a> its latest ETH purchase for its Ethereum treasury on July 11 via an over-the-counter (OTC) transaction with the Ethereum Foundation (EF).<\/p>\n Sharplink paid $25.7 million for 10,000 ETH at an average price of $2,572, according to the company\u2019s blog post. Now worth roughly $30 million, this acquisition pushes Sharplink’s treasury above the $500 million mark, after it reached $461million<\/a> three weeks ago.<\/p>\n \u201cThis isn\u2019t a trade \u2013 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,\u201d said Lubin.<\/p>\n Sharplink\u2019s stock, SBET, has been rallying on the back of Ether\u2019s strong performance, and is up 64% over the last week. ETH<\/a> is up nearly 20% over the same period.<\/p>\n While it\u2019s been a great week for SBET, the stock is still down 74% from its all-time high of $82, hit shortly after the company announced its ETH treasury plans. The stock took a brutal overnight hit on June 12 when the stock plummeted 76% on a false report<\/a> that Consensys and Lubin were selling the stock. While this turned out not to be the case, SBET struggled to recover quickly.<\/p>\n While ETH holders celebrated the token\u2019s strong price performance, some were quick to criticize the EF for selling more of its ETH, which was a common theme in 2024. To combat the perceived misalignment between the foundation and ETH investors, the EF released a new treasury policy<\/a> in June centered around lowering annual spending, which is funded by selling ETH, from 15% of its ETH treasury to 5%. <\/p>\n