The Ethereum Foundation has sold 10,000 ether (ETH) to SharpLink Gaming in an OTC deal worth $25.7 million, marking the first time a publicly listed company has directly acquired the token directly from the protocol’s core steward.
The transaction was executed at an average price of $2,572.37 per ETH and settled on-chain via the foundation’s multisig on July 10. Proceeds from the sale will be used to support EF’s core activities.
SharpLink, which trades on Nasdaq under the ticker SBET, described the purchase not as a trade, but as a “commitment to Ethereum’s long-term mission.” 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.
“This isn’t a trade — it’s a commitment,” said Joseph Lubin, Chairman of SharpLink and a co-founder of Ethereum, said in a release. “SharpLink is acquiring, staking and restaking ETH as responsible industry stewards, removing supply from circulation and reinforcing the health of the Ethereum ecosystem.’
“Moreover, we see this as the start of something bigger – a model for how mission-driven organizations can work to advance our ecosystem’s shared goals of decentralization, economic empowerment and protocol-native finance,” Lubin added.
The move comes at a time when ETH ETF inflows are building, ETH-denominated treasuries are re-emerging, and protocol-native finance is regaining attention.
ETH was trading above $3,000 as of U.S. morning hours Friday, up more than 8% in the past 24 hours.