Ethereum Foundation Completes $25.7 Million OTC Sale of 10,000 ETH to SharpLink
The sale marks a significant step as SharpLink uses ETH as its main treasury asset, committing to support the Ethereum network.
The Ethereum Foundation has successfully sold 10,000 ETH to SharpLink Gaming in a noteworthy OTC deal valued at $25.7 million. This transaction marks the first time a publicly listed company has purchased ETH directly from the Foundation.
Key Points:
- Transaction Details: The ETH was sold at $2,572.37 per token, and the sale was recognized on-chain through the Foundation’s multisig on July 10. The funds generated from this sale will support the core activities of the Ethereum Foundation.
- SharpLink’s Plans: SharpLink, identified by the ticker SBET on Nasdaq, intends to use their acquired ETH as their primary treasury reserve. They plan to stake and restake the ETH, contributing to the robustness of the Ethereum ecosystem.
Original Quote:
“This isn’t a trade — it’s a commitment.” — Joseph Lubin
Translation: „Ce n’est pas un commerce, c’est un engagement." — Joseph Lubin
The market context is also significant as ETH begins witnessing a resurgence in ETF inflows and the re-establishment of ETH-denominated treasuries, amidst increased attention on protocol-native finance. As of Friday morning, ETH was trading above $3,000, reflecting an increase of over 8% in just 24 hours.
