SharpLink Buys 10,000 ETH From Ethereum Foundation in Groundbreaking OTC Deal

SharpLink Gaming has purchased 10,000 ether (ETH) directly from the Ethereum Foundation in an over-the-counter (OTC) transaction worth approximately $25.7 million, marking the first time a publicly traded company has acquired ETH directly from the protocol’s core entity.

The deal was finalized at an average price of $2,572.37 per ETH and settled on-chain via the Foundation’s multisignature wallet on July 10. Proceeds from the sale will fund the Ethereum Foundation’s core operations and initiatives.

Earlier this week, the Ethereum Foundation confirmed the completion of the transaction, stating:

“Earlier this week, the EF finalized the terms of a 10,000 ETH sale at an average price of $2,572.37 via OTC.”

SharpLink, listed on the Nasdaq under the ticker SBET, emphasized that this acquisition is more than a mere investment. The company plans to designate ETH as its primary treasury reserve asset and intends to stake and restake the acquired 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 further noted that this move could serve as a blueprint for how mission-driven organizations might align their financial strategies with the broader goals 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,” he added.

The acquisition coincides with growing momentum in ETH-focused financial products. ETH ETF inflows are increasing, ETH-denominated corporate treasuries are reemerging, and interest in protocol-native finance is picking up steam.

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