Sharplink Gaming has purchased 10,000 ETH directly from the Ethereum Foundation in a $25.7 million deal, making it the largest publicly traded company to adopt Ethereum as its primary treasury asset.
The transaction was executed on July 10, 2025, at an average price of $2,572.37 per ETH. According to a statement, the deal was settled on-chain via the Ethereum Foundation’s multisig wallet.
The transaction reflects a growing trend of institutions moving directly into Ethereum rather than through open markets or OTC desks.
Ethereum Foundation’s ETH Sale Sparks Debate, But Focus Stays on Ecosystem Growth
The Ethereum Foundation confirmed its latest ETH sale, noting that proceeds from the transaction would be used to support its core operations. These include ongoing protocol research, community grants, and the development of infrastructure critical to the Ethereum ecosystem.
The Foundation, which has its headquarters in Zug, Switzerland, plays a central role in guiding and supporting Ethereum’s development. Its sales of ETH are relatively infrequent and typically aimed at raising funds for continued network improvements.
Sharplink’s direct purchase of ETH from the Foundation—rather than through traditional exchanges or OTC desks—represents a rare and strategic move. The transaction indicates the company’s alignment with Ethereum’s long-term goals and its support for the network through staking and restaking commitments.
Joseph Lubin, Chairman of Sharplink and also a co-founder of Ethereum and CEO of Consensys, described the decision as more than a financial transaction.
“At a time when Ethereum is entering a new era of institutional relevance, we are proud to support the network’s long-term strength and decentralization mission,” Lubin said. “Sharplink is acquiring, staking, and restaking ETH as responsible industry stewards.”
According to Lubin, this marks the beginning of a broader model where mission-aligned organizations directly invest in and support the networks they depend on. The move is intended to reduce circulating supply and help reinforce Ethereum’s security and stability.
Earlier today, blockchain data revealed that a suspected Ethereum Foundation address, 0xd779, sold 100 ETH via CoW Protocol. The ETH was first moved from a Gnosis Safe and swapped for 336,475 DAI, which was then transferred to a known Foundation address, 0x9eE4.
While the Foundation’s sales are generally operational in nature, their timing and frequency have drawn increased scrutiny.
Throughout 2024, the Foundation has faced criticism from both Ethereum supporters and broader crypto market participants over its periodic ETH sales, especially during periods of underperformance relative to Bitcoin and Solana. Despite the criticisms, on-chain data shows the Foundation still holds approximately 269,000 ETH, valued at just over $900 million.
The Foundation has maintained transparency around its treasury management. While some interpret these sales as market-negative, the stated purpose remains ecosystem-focused, aimed at sustaining long-term development and community funding.
Ethereum Rally Gains Momentum as Institutional Flows and Supply Shock Fuel $10K Price Target
Ethereum’s broader market narrative is quickly aligning with a potential surge in ETH price, with analysts and investors pointing toward $10,000 as a realistic target.
Ethereum surged past $3,000 for the first time in five months this week, rising more than 15% in just three days. The move comes as Bitcoin’s record-breaking rally past $118,000 lifts sentiment across the crypto market.
But Ethereum isn’t just riding Bitcoin’s coattails; it’s seeing its own wave of momentum fueled by a unique combination of technical strength, institutional inflows, and on-chain dynamics.
US spot Ethereum ETFs have recorded five straight days of net inflows, totaling over $623 million. BlackRock’s iShares ETH ETF alone drew $300.9 million on Thursday, setting a new single-day record.
Bloomberg analyst Eric Balchunas noted that this was 4x the ETF’s usual volume, calling it a signal of heavy institutional interest.
Beyond Wall Street, Ethereum’s fundamentals continue to strengthen. On-chain data shows ETH balances on exchanges are at their lowest in eight years, now sitting at just 13.5%. That’s a signal of a looming “supply shock,” as whales accumulate and withdraw ETH into long-term holdings.
Wallets holding over 100,000 ETH have added more than 700,000 ETH since late May, reaching a collective total of 18.8 million. This accumulation aligns with increasing investor confidence, as traders are already calling for new highs.
One prominent account predicted a breakout past $4,000 this summer, with a potential new all-time high around $5,700. The path to $10,000, he believes, could follow after a short correction post-summer.
The $ETH summer roadmap is set:
We are headed back to $4k in short order.
Maybe pause around that level, and then we go for a new ATH which has measured target around $5.7k.
After summer ends, pause for a typical September correction, and then resume the send to $10k.
— Chris (@StonkChris) July 10, 2025
Another analyst simply stated, “$ETH IS GOING TO $10,000. And there’s nothing you can do about it.”
Technicals support the sentiment. Ethereum has broken above its 200-day and 200-week EMAs, a historically bullish signal. Weekly RSI remains far from overbought, and trend analysts suggest we are entering “Wave 3” of a five-wave cycle, with targets of $4,000–$5,000 in the near term and $10,000 within reach by early 2026.
Whether $10,000 arrives this year or next, the conviction behind ETH’s trajectory is growing stronger.
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