Ethereum Foundation Sells 10,000 ETH Before Price Surge

SharpLink Gaming acquired 10,000 ETH from the Ethereum Foundation (EF) in a private over-the-counter deal closed on July 10, amounting to $25.7 million.

NEW: SharpLink has acquired 10,000 $ETH directly from the Ethereum Foundation

The purchase closed at ~$25.7M, with $ETH acquired at an average price of ~$2,572

Ethereum is entering a new era of institutional relevance, and we’re proud to support its long-term strength and… pic.twitter.com/ow1e2PXQ1W

— SBET (SharpLink Gaming) (@SharpLinkGaming) July 11, 2025

The average purchase price of the coins was $2572.37.

On July 11, the price of the second-largest cryptocurrency by market capitalization exceeded $3000 for the first time since February . At the time of writing, the asset is trading near $2965 (CoinGecko).

EF will allocate the proceeds to fund its core activities. 

“As Ethereum enters a new era of institutional significance, we are proud to support the network’s long-term sustainability and its mission of decentralization,” stated SharpLink Chairman Joseph Lubin.

According to him, the company views the transaction as a “commitment to long-term goals.” SharpLink stakes and restakes all acquired coins, removing them from circulation and strengthening the Ethereum ecosystem, Lubin noted.

Experts from Lookonchain pointed out that on July 11, a wallet associated with EF sold 1210 ETH for 3.5 million USDC at an average price of ~$2890. The head of the organization Hsiao-Wei Wang clarified that the assets were sold by the recently spun-off group Argot Collective.

Just to clarify: This was EF’s recent spin-out @argotorghttps://t.co/RhJmnuP747

Read more: https://t.co/lSEaHbJPPd https://t.co/hGgoZe1YtH

— hww.eth | Hsiao-Wei Wang (@hwwonx) July 11, 2025

Back in March, CoinGecko analysts assessed the impact of EF’s sales on the cryptocurrency’s price dynamics.