Key Takeaways
- The Ethereum Foundation sold 10,000 ETH, raising $25.7 million to fund protocol R&D.
- Nasdaq-listed SharpLink Gaming (SBET) purchased the ETH, describing the move as a long-term commitment.
- ETH jumped around $3,000 shortly after the announcement, marking a 7.4% gain in 24 hours.
This week, the Ethereum Foundation made a relevant treasury move, partnering with a Nasdaq-listed firm to offload part of its ETH holdings.
The transaction comes as Ethereum sees renewed market interest and institutional activity, including rising ETF inflows and a growing trend of ETH-based treasury strategies.
Ethereum Foundation Sells 10,000 ETH To Fund Core Operations
The Ethereum Foundation (EF) announced on Friday that it finalized the sale of 10,000 ETH through an over-the-counter (OTC) transaction, raising approximately $25.7 million at an average price of $2,572.37 per ETH.
The foundation also announced that the counterparty for the sale was SharpLink Gaming.
According to the EF, this sale is part of its ongoing treasury management strategy and is intended to fund various foundational activities.
These include protocol research and development, ecosystem support, community grants, and other operational needs essential to Ethereum’s long-term growth and decentralization.
This move follows the Ethereum Foundation‘s treasury policy, published on June 4. The policy outlines its framework for responsibly managing ETH holdings to support the ecosystem without introducing significant market disruption.
Commitment to Ethereum’s Long-Term Mission
SharpLink, a Nasdaq-listed company trading under the SBET ticker, framed its 10,000 ETH purchase as a trade and a “commitment to Ethereum’s long-term mission.”
The company plans to stake and restake the ETH, effectively removing it from circulation. It will also position it as its primary treasury reserve asset.
“This isn’t a trade – it is a commitment to our long-term vision,” SharpLink Chairman and Ethereum co-founder Joseph Lubin said.
“We’re acquiring, staking, and restaking ETH to support the ecosystem and reduce circulating supply,” he added.
Lubin also called the move a potential blueprint for how mission-driven organizations can support decentralization and protocol-native finance.
The announcement comes amid rising ETH ETF inflows and renewed interest in Ethereum-denominated treasuries. Minutes after the news, ETH was trading at $2,987.49, up by 7.4% in 24 hours. During the morning trading activity, ETH increased above $3,000.
Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors.
Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.
