SharpLink Purchases 10,000 ETH: Stocks Soar, Is Ethereum Still 'Safe'?
Stock #SharpLinkGaming has surged after the company announced the purchase of 10,000 ETH (approximately 30 million USD) directly from the Ethereum Foundation.
๐ Key Points:
This transaction was conducted via an OTC (over-the-counter) deal, so the amount $ETH sold did not flow into the open market โ avoiding immediate selling pressure on ETH prices.
According to the Ethereum Foundation, this ETH was sold at a price of about 2,600 USD/ETH, amidst ETH recently crossing the 3,000 USD mark for the first time in 5 months.
Some Twitter users believe this is a 'creative way' for the Foundation to maintain funding for research while avoiding significant price fluctuations for ETH.
๐ SharpLink's stock has risen over 70% this week, reaching nearly 20 USD, thanks to this news and the price increase of ETH. SharpLink currently holds around 215,000 ETH (~644 million USD), second only to the Ethereum Foundation.
๐ฏ Notably, SharpLink was previously a sports betting marketing company, but has pivoted to become a large-scale ETH holding fund, aiming to maximize assets for shareholders. Mr. Joe Lubin โ co-founder of Ethereum and CEO of Consensys โ is directly leading this strategy.
๐ With this new move, SharpLink asserts its ambition to become a large 'vault' for ETH, leveraging DeFi and staking for long-term profitability. #anhbacong
