Investing.com -- SharpLink Gaming (NASDAQ: SBET) stock rose 10% after the company announced it completed a direct purchase of 10,000 ETH from The Ethereum Foundation.

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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 bought 10,000 ETH for $25.7M from the Ethereum Foundation, signaling long-term staking and treasury use.