TLDR
- SharpLink Gaming (SBET) completed a $25.7 million direct purchase of 10,000 ETH from The Ethereum Foundation on July 10, 2025
- The transaction was executed at $2,572.37 per ETH, making SharpLink the world’s largest publicly traded company using Ethereum as its primary treasury reserve asset
- SBET stock surged over 10% in pre-market trading following the announcement, reaching $20.28
- The company now holds $612 million in Ethereum reserves and plans to stake and restake all ETH holdings
- SharpLink entered agreements with major shareholders to waive share-reserve provisions ahead of a July 24 shareholder vote on increasing authorized shares
SharpLink Gaming has closed one of the largest corporate cryptocurrency purchases in history. The company bought 10,000 ETH directly from The Ethereum Foundation for $25.7 million on July 10, 2025.

The transaction price was $2,572.37 per ETH, based on the 24-hour volume-weighted average price from July 8. This wasn’t a market purchase but a direct deal with the Foundation itself.
The announcement sent SBET stock climbing over 10% in pre-market trading to $20.28. This follows an earlier surge that saw the stock peak at $124 on May 30 before falling 75% after SEC filings enabled insider sales.
Joseph Lubin, SharpLink’s Chairman and Ethereum Co-Founder, made clear this wasn’t a speculative play. He called it “not a trade” but rather a “commitment to our long-term vision.”
The purchase makes SharpLink the world’s largest publicly traded company to adopt Ethereum as its primary treasury reserve asset. Few companies have made such a concentrated bet on a single cryptocurrency.
Treasury Strategy Shifts to Active Participation
SharpLink’s approach goes beyond simply holding ETH. The company plans to stake and restake all its Ethereum holdings, which generates yield while supporting network security.
This strategy transforms their treasury from passive holding to active network participation. It creates multiple value streams while removing supply from circulation.
As of July 10, SharpLink’s total Ethereum reserves reached $612 million. The company has been staking all its ETH holdings and has earned 322 ETH in rewards since early June.
The gaming company now holds 176,270 ETH in total. This massive accumulation has positioned SharpLink as a major player in both digital commerce and decentralized applications.
Capital Structure Moves Ahead of Key Vote
Between July 8 and 10, SharpLink entered agreements with major shareholders including Consensys and Joe Lubin. These deals waive share-reserve provisions in prior financing agreements.
This allows the company to reallocate authorized shares to its At-The-Market sales agreement. The arrangement lasts until a crucial shareholder vote on July 24.
That vote will decide whether to increase authorized shares. If approved, share reserves for certain warrants must be restored. The company isn’t obligated to sell stock under the ATM program.
The timing of these moves suggests SharpLink is preparing for potential capital raises. The company has been pursuing a $1 billion share sale effort to fund its Ethereum acquisition strategy.
SharpLink’s shift to ETH as its treasury reserve asset represents a departure from traditional corporate treasury strategies. The move aligns the company with what it sees as the future of digital capital.
The direct purchase from The Ethereum Foundation adds credibility to the transaction. It shows SharpLink isn’t just buying ETH on exchanges but working directly with ecosystem stakeholders.
The July 24 shareholder meeting will be crucial for SharpLink’s future capital structure and financing flexibility. The vote will determine how the company can fund future operations and acquisitions.
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