The Ethereum Foundation has executed a significant over-the-counter (OTC) transaction, selling 10,000 ETH to publicly traded company SharpLink Gaming.
The sale, completed at an average price of $2,572.37 per ETH, signals strong institutional interest in Ethereum’s underlying technology and its potential within decentralized finance (DeFi) and staking ecosystems.
News of the transaction fueled immediate market optimism. SharpLink Gaming’s stock price surged by 50% following the announcement, reflecting investor confidence in the company’s strategic blockchain integration.
Concurrently, Ethereum’s market performance saw a notable uptick. The price of ETH rose to approximately $2,997.67, marking a 6.18% increase over 24 hours.
Trading volume also experienced a significant boost, climbing 56.65% to reach $43.76 billion. The OTC nature of the Foundation’s sale is credited with facilitating the large transfer without triggering immediate negative price volatility in the broader ETH market.