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There have been bullish moves in the ETH ecosystem lately as the Ethereum Foundation (EF) recently sold 10,000 units of the underlying coin to Sharplink Gaming Inc. (SBET). The asset, worth about $25.7 million, was sold through an over-the-counter (OTC) deal.
Sharplink’s bold bet on Ethereum’s future
Matthew Sigel, VanEck’s Head of Digital Assets Research, provided an update to the broader cryptocurrency community regarding the trade. Notably, the Sharplink Gaming Inc. purchase was done privately to avoid price volatility.
Interestingly, the purchased Ethereum from EF is for staking and restaking, as confirmed by Joseph Lubin, Chairman of Sharplink. According to him, Ethereum is entering a new era of institutional relevance; hence, Sharplink is determined to support the network’s long-term decentralization mission.
The move to stake and restake the 10,000 ETH bought from EF highlights the level of confidence that Sharplink has in the future of the leading altcoin. The gaming company is betting on the further growth of the asset.
As of press time, Ethereum is changing hands at $3,005.83, which represents 7.92% in the last 24 hours. The coin had previously peaked at $3,038.14 after breaching the $3,000 level after a long wait. Investors remain active, pushing trading volume up by 44.25% to $41.36 billion.
Arthur Hayes thinks Ethereum to $10,000 possible
Beyond Sharplink, investors in the United States of America using the commission-free app, Robinhood, can now stake Ethereum as well. As U.Today reported, users on the platform can stake as little as $1. The move marks an expansion of staking options to U.S. users, as the service was already available for European customers.
Meanwhile, Ethereum has received a bullish prediction from Arthur Hayes, a renowned crypto voice. The longtime market trendsetter maintains that ETH is set to hit $10,000 as the coin has started flashing signals of strength for a massive rally.
Market participants are noting the increasing interest from institutions and notable figures in the crypto space. If these interests can push Ethereum past its previous all-time high (ATH) of $4,891.70 set in 2021, investors would welcome it.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team