The company is positioning ETH as its primary treasury reserve asset and said it plans to stake and restake the acquired ETH, effectively removing it from circulation.

SharpLink Gaming shares rose after the Ethereum treasury firm said that it had acquired 10,000 Ethereum from the Ethereum Foundation.

Sharplink Gaming closed an OTC deal with the Ethereum Foundation, acquiring 10,000 ETH at $2,572.37. The treasury company will use the ETH for staking and re-staking, with a long-term holding outlook.