Ethereum Foundation Executes OTC ETH Sale Amid Market Rally
The Ethereum Foundation successfully sold 10,000 ETH through an over-the-counter (OTC) deal shortly before the cryptocurrency rebounded significantly, briefly clearing the psychologically important $3,000 threshold.
In a Friday X post, the Ethereum Foundation confirmed the completion of a substantial OTC transaction. The 10,000 ETH sale occurred at an average price of $2,572.37. At the time of reporting, the ETH price had surged approximately 16% from the settlement level, approaching but remaining just below $3,000.
“Our counterparty for this transaction was SharpLink Gaming,” the foundation disclosed.
Separately, SharpLink Gaming announced a purchase valued at more than $25 million for the cryptocurrency units. The transaction concluded on Thursday, despite market volatility. According to Nansen analytics, ETH prices during the period ranged from $2,759 to $2,981, representing a notable premium to the agreed sale price.
SharpLink’s Strategic Ether Positioning
This significant transaction aligns with SharpLink Gaming’s publicly revealed corporate treasury strategy established in late May. The May framework included the appointment of Ethereum co-founder Joseph Lubin to the company’s board of directors.
SharpLink committed to establishing an Ethereum treasury, simultaneously entering a securities purchase agreement involving a $425 million private investment with Ethereum infrastructure provider Consensys.
“(ETH treasuries) are crucial infrastructure,” Lubin asserted on Wednesday. “There exists a substantial amount of Ethereum in circulation, yet utilization remains suboptimal globally,” he emphasized, citing insufficient activity to leverage this liquidity effectively.
Lubin’s decision to collaborate with SharpLink stems directly from this assessment of Ether’s current market dynamics. The Joseph Lubin-controlled organization aims to facilitate the “supply-demand dynamics of Ether to right-size” as new applications emerge and mature on the platform.
Broader Market Context
The Ethereum rally materialized during an accelerating bull market. Bitcoin was trading decisively above $112,000 at the time, demonstrating strong correlation with Ether’s performance. According to Nansen data, Ethereum’s price peaked at $3,028 earlier in the session before stabilizing near $3,000.
The concurrent implementation of cryptocurrency ETFs significantly fueled investor enthusiasm. Both Bitcoin and Ethereum spot ETFs experienced their most substantial single-day inflows to date, with Ethereum ETFs specifically attracting a net $383.1 million across trading desks.
Ethereum Foundation Developer Announces Major Technical Update: Sophia Gold, a developer in the Ethereum Foundation’s protocol team, indicated a significant operational shift: replacing traditional block execution with zero-knowledge proofs (ZK-proofs). The transition project is expected to be fully operational within a year.
