Ethereum Foundation Sells 10,000 ETH in Rare Public Company Deal
The Ethereum Foundation just made a notable move—selling 10,000 ETH to SharpLink Gaming in a private deal worth $25.7 million. It’s the first time a publicly traded company has bought ether directly from the foundation, which is kind of a big deal if you follow how these things usually go.
The sale happened at an average price of $2,572.37 per ETH, settled on-chain through the foundation’s multisig wallet on July 10. According to their tweet, the proceeds will fund the EF’s ongoing work. No flashy details, just straightforward funding for their operations.
Why SharpLink Bought—And What They’ll Do With It
SharpLink, listed on Nasdaq as SBET, didn’t frame this as a quick flip. Instead, they called it a “commitment to Ethereum’s long-term mission.” They’re planning to stake and restake the ETH, effectively locking it up and taking it out of circulation for a while.
Joseph Lubin, SharpLink’s chairman and an Ethereum co-founder, put it bluntly: “This isn’t a trade.” He emphasized the company’s intent to support the ecosystem by holding and staking the tokens, which could help reduce available supply. Lubin also hinted this might set a precedent for other organizations looking to back Ethereum in a tangible way.
But here’s the thing—it’s not just about holding ETH. Lubin mentioned “protocol-native finance” and “decentralization” as part of the bigger picture. Whether that’s corporate speak or a genuine shift in strategy, it’s hard to say. Still, the move does line up with a broader trend of companies treating crypto as a treasury asset again.
Timing and Market Reaction
The sale closed just as ETH prices started climbing. By Friday morning in the U.S., ether was trading above $3,000, up more than 8% in 24 hours. Coincidence? Maybe. But it’s interesting timing, especially with ETH ETFs gaining traction and institutional interest picking up.
Some might see this as a vote of confidence in Ethereum’s future. Others could argue it’s just a business move. Either way, it’s one of those rare moments where a public company puts real money behind crypto—not as a speculative bet, but as part of its long-term holdings.
Will more firms follow? Maybe. For now, it’s worth watching how SharpLink handles its new stash—and whether this really does become a model for others.
