Ethereum News: SharpLink Buys 10K ETH Thanks To Joe Lubin

In latest Ethereum news, SharpLink Gaming, its largest corporate holder acquired 10,000 ETH directly from the Ethereum Foundation.

Ethereum co-founder Joseph Lubin, recently appointed Chairman of the Board of Directors, made this happen due to his connections in the Ethereum community and the foundation.

Ethereum News: SharpLink Gaming Acquires 10,000 ETH Directly from Ethereum Foundation

Nasdaq-listed SharpLink Gaming, backed by Ethereum co-founder Joe Lubin, entered into a definitive agreement with the Ethereum Foundation, as per an official announcement on July 11.

The company completed a purchase of 10,000 ETH on the Ethereum mainnet for $25.72 million in an over-the-counter (OTC) deal.

The purchase was made at an average price of $2,572.37, significantly lower than the market price of ETH on Thursday.

With the latest purchase, SharpLink Gaming’s total Ethereum holdings increased to 215,634 ETH, valued at almost $647 million.

The company asserted in a post on X that they are proud to support Ethereum’s long-term strength and mission as Ethereum entered a new era of institutional relevance.

Joseph Lubin’s Masterstroke to Acquire ETH

Ethereum co-founder and ConsenSys founder Joseph Lubin has turned out to be a catalyst for SharpLink’s Ethereum treasury.

In response to the latest transaction, he said it wasn’t a trade but a commitment to hold Ethereum for the long term.

SharpLink is acquiring, staking, and restaking ETH to help maintain the Ethereum ecosystem’s health, while removing ETH from the circulating supply.

“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,” said Joseph Lubin, Chairman of SharpLink.

SBET stock price has jumped 13.69% to $21.02 on Friday. The stock price has surged 66% in a week and 174% YTD, as per Yahoo Finance.

Experts believe the company stock may rise similarly to other companies that added crypto to their corporate treasury.

Ethereum Foundation on the ETH Sale

Ethereum Foundation also took to X to reach out to the wider community about direct ETH sales to SharpLink Gaming. The latest transaction raised eyebrows in the community about the foundation’s functioning and operations.

The foundation clarified that the ETH sale will fund its core operations & activities. This includes protocol R&D, ecosystem development, community grant funding, and more.

It added that the transaction was part of ongoing treasury management activities, following the policy published in June.

The foundation also revealed that 0xc061 Safe multisig wallet. The wallet has received 1000 ETH in multiple transactions for more than two months.

According to CryptoQuant, outflows from the Ethereum Foundation’s wallets were observed. These consist of 26 transactions of 1,000 ETH each, with a portion reportedly going to SharpLink.

Ethereum News: Price Soars Above $3,000

ETH price had surged more than 8% over the last 24 hours and was trading at $3,005 at the time of writing. The 24-hour low and high were $2,761 and $3,038, respectively.

Furthermore, the trading volume increased by a massive 46% in the last 24 hours, indicating a rise in interest among traders.

Popular analyst Scott Melker, aka The Wolf Of All Streets, mentioned that the Ethereum price momentum remained strong. He predicted ETH to hit $4,000 after breaking through the resistance.

In the daily timeframe, the price was comfortably above the 50-SMA, 100-SMA, and 200-SMA after the recent upside momentum.

Whereas, the Relative Strength Index (RSI) climbed to 72.57, signaling potential for a slight upside before a pullback.

CoinGlass data showed confirmed bullish sentiment among derivatives traders. At the time of writing, the total ETH futures open interest climbed nearly 7% to $42.83 billion in the last 24 hours.

ETH futures OI on CME and Binance jumped over 12% and 2%, respectively. However, mixed reactions were noted in the last 4 hours.

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