Ethereum Foundation Executes Its First OTC Sale, Transferring 10,000 ETH to SharpLink

Ethereum Foundation Sells 10,000 ETH to SharpLink in Landmark OTC Deal

The Ethereum Foundation has completed an over-the-counter (OTC) sale of 10,000 ether (ETH) to SharpLink Gaming for $25.7 million, representing the first instance of a publicly traded firm acquiring ETH directly from Ethereum’s primary steward.

The transaction, settled on-chain via the Foundation’s multisig wallet on July 10, was executed at an average price of $2,572.37 per ETH. Proceeds from the sale will help fund the Foundation’s core operations and ecosystem development.

SharpLink, listed on the Nasdaq under the ticker SBET, described the purchase as a strategic commitment rather than a speculative trade. The company intends to make ETH its primary treasury reserve asset and plans to stake and restake the tokens, effectively removing them from active circulation.

“This isn’t a trade — it’s a commitment,” said Joseph Lubin, Chairman of SharpLink and co-founder of Ethereum, in a statement. “SharpLink is acquiring, staking, and restaking ETH as responsible industry stewards, removing supply from circulation and strengthening the Ethereum ecosystem.”

Lubin added that the deal could pave the way for other mission-driven organizations to align their financial strategies with the principles of decentralization and protocol-native finance:

“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.”

The sale comes amid growing institutional interest in ETH, with inflows into ETH-focused ETFs picking up and renewed attention on ETH-denominated treasuries.

As of Friday morning in the U.S., ETH was trading above $3,000, up more than 8% over the past 24 hours.