Sharplink Gaming Invests $25.7 Million in Ethereum Directly from Foundation

Sharplink Gaming, a Nasdaq-listed company, has made a significant investment in Ethereum by purchasing 10,000 ETH directly from the Ethereum Foundation. The transaction, valued at $25.7 million, was executed on July 10, 2025, at an average price of $2,572.37 per ETH. This move marks the largest publicly traded company to adopt Ethereum as its primary treasury asset, reflecting a growing trend of institutions moving directly into Ethereum rather than through open markets or OTC desks.

The Ethereum Foundation confirmed the sale, stating that the proceeds would be used to support its core operations, including ongoing protocol research, community grants, and the development of infrastructure critical to the Ethereum ecosystem. The Foundation, headquartered 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 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 a co-founder of Ethereum, 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. 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’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.

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. 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 $10,000, he believes, could follow after a short correction post-summer. Another analyst simply stated, “$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.