The Ethereum Foundation has offloaded 10,000 $ETH in an over-the-counter (OTC) deal with SharpLink Gaming, just as Ether briefly reclaimed the $3,000 level on Friday — marking a strategic move for both parties amid rising market momentum.
According to the Foundation’s post on X, the ETH was sold at an average price of $2,572.37, netting over $25 million. The deal closed Thursday, while market data from Nansen shows ETH trading at least 6.7% higher during that time, ranging from $2,759 to $2,981.
The buyer, SharpLink Gaming, has recently doubled down on Ethereum adoption. In late May, the sports betting platform announced an Ethereum-based corporate treasury strategy and appointed ConsenSys co-founder Joseph Lubin as chairman. The firm also disclosed a $425 million private equity agreement backed by Ethereum infrastructure leaders.
Lubin emphasized the strategic importance of ETH treasuries, citing a need to balance Ether’s circulating supply with increased on-chain utility. “As we build more applications, enabling the supply-demand dynamics of Ether to right-size is critical,” he said.
The announcement coincided with a broader crypto market rally. Bitcoin soared to new highs above $112,000, while Ether briefly crossed the $3,000 mark — buoyed by the second-largest daily inflows into crypto ETFs since launch. Ether spot ETFs alone attracted $383.1 million in net inflows on Thursday.
The price spike also follows Ethereum Foundation developer Sophia Gold’s outline of a major upgrade to the network: a transition to zero-knowledge proof-based execution, expected within the next year.
With ETH reclaiming bullish momentum and institutional interest deepening, SharpLink’s discounted buy may prove timely as Ethereum’s narrative continues to evolve.
