Overview

• The Ethereum Foundation sold 10,000 ETH to SharpLink for $25.7 million at an average price of $2,572.37 per token.
• This marks the first time a publicly listed company has directly acquired ETH from the protocol’s core steward.
• SharpLink plans to designate ETH as its chief treasury reserve and to stake then restake the tokens to remove supply from circulation and generate yield.
• The transaction settled on-chain via the Foundation’s multisig on July 10 with proceeds allocated to fund the Foundation’s research and development activities.
• Shares of SharpLink Gaming jumped more than 14% on the Nasdaq following the announcement of the Ethereum purchase.