The Ethereum Foundation has sold 10,000 Ether tokens to SharpLink Gaming Inc. for US$25.7 million, valuing each token at US$2,572.

The sale was completed earlier this week, according to the foundation’s post on platform X.

Proceeds from the sale will support the foundation’s core operations, including protocol research, ecosystem growth, and community grants.

SharpLink, chaired by Ethereum co-creator Joseph Lubin, recently shifted its business model to a crypto treasury focus.  It claims to be the largest publicly traded Ether holder.

🔗 Source: Bloomberg

🧠 Food for thought

1️⃣ The Ethereum Foundation’s evolving treasury management signals market maturity

The Ethereum Foundation’s OTC sale reflects a significant evolution in how crypto foundations manage their treasuries compared to earlier practices.

In its early days, the Foundation faced scrutiny over its treasury management, reportedly receiving only 3 million ETH of the 6 million initially allocated from the $18 million raised in 2014 1.

Over time, the Foundation has been criticized for open-market sales that sometimes coincided with market peaks, creating tension with the Ethereum community and potentially affecting holder confidence 2.

This recent transaction with SharpLink represents a strategic shift toward more structured, transparent OTC deals rather than unpredictable open market sales that could disrupt ETH prices.

The Foundation’s explicit statement that the sale funds “core operations & activities, including protocol R&D, ecosystem development, community grant funding” demonstrates increasing accountability to stakeholders about how funds are deployed.

This OTC approach aligns with the Foundation’s recently introduced treasury policy aimed at enhancing transparency and responsible capital deployment in the Ethereum ecosystem 2.

2️⃣ Corporate crypto treasuries expanding beyond Bitcoin with Ethereum’s yield advantage

SharpLink exemplifies a growing trend of public companies building crypto treasuries focused on Ethereum rather than just Bitcoin, driven by Ethereum’s unique financial characteristics.

Unlike Bitcoin, Ethereum offers on-chain yield through staking, allowing companies to generate passive income from their treasury holdings – a significant advantage for corporate finance strategies 3.