SharpLink Gaming acquired 10,000 ETH from the Ethereum Foundation (EF) in an over-the-counter (OTC) transaction worth $25.7 million, which closed on July 10. The average purchase price per coin was $2,572.37. On July 11, the price of the second-largest cryptocurrency surpassed the $3,000 mark for the first time since February. At the time of writing, Ethereum is trading near $2,965 (CoinGecko). The Ethereum Foundation will use the proceeds to fund its core business operations. ”As Ethereum enters a new era of institutional relevance, we are proud to support the long-term sustainability of the network and its mission of decentralization,” said SharpLink Chairman Joseph Lubin. Lubin added that the company views the deal as ”a commitment within the framework of its long-term goals.” SharpLink is staking and re-staking all acquired coins, thereby removing Ethereum from circulation and strengthening the Ethereum ecosystem, Lubin noted. According to Lookonchain experts, on July 11, an Ethereum Foundation-affiliated wallet sold 1,210 ETH for 3.5 million USDC at an average price of approximately $2,890. The head of the organization, Xiao Wei-Wang, clarified that these assets were sold by the recently spun-off Argot Collective. This transaction highlights the growing involvement of institutional players in the Ethereum ecosystem. The move to stake and re-stake such a significant amount of ETH also reflects increasing confidence in Ethereum’s transition to proof-of-stake and its long-term value proposition. Market observers believe that large-scale transactions like this could influence both liquidity and price stability in the short to medium term. Industry analysts note that the Ethereum Foundation’s strategic sales often coincide with local market peaks, suggesting sophisticated treasury management. Meanwhile, SharpLink’s decision to immediately stake its holdings demonstrates a commitment to supporting network security and earning passive income through staking rewards. As Ethereum continues to attract institutional attention, such high-profile deals are likely to set precedents for future market behavior and could further legitimize digital assets among traditional investors.
