Coin WorldFriday, Jul 11, 2025 10:10 am ET
1min read
SharpLink Gaming has completed a significant over-the-counter transaction, acquiring 10,000 Ether (ETH) from the Ethereum Foundation. The deal, finalized at an average price of $2,572.37 per ETH, was announced by the Ethereum Foundation on Friday. At the time of the announcement, Ether was trading nearly 16% higher, just below the $3,000 mark. This purchase by SharpLink Gaming underscores the growing interest and investment in the Ethereum ecosystem, particularly from entities within the gaming industry.
The transaction, valued at over $25 million, was closed on Thursday. According to Nansen data, at the time of the sale, ETH was trading in a range from $2,759 to $2,981, which is at least 6.7% higher than the agreed price of the sale. This strategic move by SharpLink Gaming comes after the company announced an Ethereum-based corporate treasury strategy and nominated Ethereum co-founder Joseph Lubin as chairman of its board of directors in late May. The company also entered into a securities purchase agreement for a private investment in public equity worth $425 million, with participation from Ethereum infrastructure firm Consensys.
Lubin emphasized the importance of ETH treasuries for the development of the Ethereum ecosystem. He noted that while a large amount of Ether is in circulation, there is insufficient activity to utilize it effectively. Lubin’s involvement with SharpLink Gaming is aimed at enabling the supply-demand dynamics of Ether to right-size as more applications are built on the Ethereum network. This strategic partnership is expected to play a crucial role in the growth and development of the Ethereum ecosystem, particularly in the gaming industry.
The announcement of the transaction coincided with a broader rally in the cryptocurrency market. Bitcoin reached new highs above $112,000, and Ether followed, briefly trading above $3,000 on Friday. According to Nansen data, Ether reached a high of $3,028 earlier in the day and was trading just below $3,000 at the time of publication. The price surge was driven by significant inflows into crypto exchange-traded funds (ETFs), with Ether spot ETFs witnessing a total net inflow of $383.1 million on Thursday alone. This influx of capital into ETFs marked their second-largest daily inflows since their inception, further boosting the price of Ether.
The rally also follows Sophia Gold, a developer in the Ethereum Foundation’s protocol support team, describing how traditional block execution is expected to be replaced with zero-knowledge proofs (ZK-proofs). The transition is expected to take place within a year, with the network switching to ZK-proof-based operations entirely after a gradual transition. This technological advancement is anticipated to enhance the efficiency and security of the Ethereum network, further solidifying its position as a leading blockchain platform.
