On Friday, the Ethereum Foundation formalized the sale of 10,000 ETH at less than $2,600 per unit. While this commercial agreement was concluded just before a return to $3,000, we will see that the identity of the buyer is far from insignificant.
Ethereum Foundation sells 10,000 ETH to SharpLink Gaming
On Friday, the Ethereum Foundation announced that it had entered into a private agreement to sell 10,000 ETH at a unit price of $2,572.37, generating $25.72 million in revenue.
While Ether sales are regular to enable the foundation to finance its operating expenses, the timing chosen here does not seem particularly favorable, as ETH has once again soared towards $3,000 over the course of the week.
By waiting a little longer, the Ethereum Foundation could have generated an additional 15%, but it should be noted that its objective is not to trade and that the sale took place after two months of relative stagnation.
Furthermore, the choice of business partner is far from insignificant, as it is SharpLink Gaming.
If this name doesn’t ring a bell, we mentioned it at the end of May after the Nasdaq-listed company announced a $425 million fundraising to become an Ethereum Treasury Company.
Far from anecdotal, Consensys, the largest infrastructure provider on Ethereum, was the lead investor in this fundraising, while its CEO Joseph Lubin joined SharpLink’s board of directors.
On the logistics side, the transfer of 10,000 ETH took place on Friday, shortly after 12:30 p.m. Paris time, as shown by this transaction on Ethereum:
A few hours later, the SharpLink teams repatriated the ETH to their main wallet in order to stake it with the rest of their assets. At the time of writing, the company holds $229 million worth of LsETH, a proof of deposit that is currently trading at 1.0842 ETH per unit, offered by staking service provider Liquid Collective.
