The Ethereum Foundation sold 10,000 Ether (ETH) through over-the-counter trading just before Ether briefly returned to the $3,000 mark.
In a post on X on Friday, the Ethereum Foundation stated that it had finalized the sale of 10,000 Ether (ETH) at an average price of $2,572.37 through over-the-counter trading. As of the time of writing, the trading price of Ether had risen nearly 16%, hovering just below $3,000.
"Our over-the-counter counterparty is Sharplink Gaming," the foundation stated.
In a separate announcement on Friday, SharpLink Gaming reported that it paid over $25 million for these ETH. The transaction was completed on Thursday. Data from Nansen showed that ETH was trading in a range of $2,759 to $2,981 at that time, at least 6.7% higher than the agreed sale price.
Before these announcements, the gaming platform SharpLink Gaming announced a corporate treasury strategy based on Ethereum at the end of May and nominated Ethereum co-founder Joseph Lubin as its board chairman.
At that time, the company signed a $425 million public equity private investment securities purchase agreement with Ethereum infrastructure company Consensys.
Lubin stated on Wednesday that the ETH treasury is crucial for the development of the Ethereum ecosystem. He claimed that a large amount of Ether is in circulation but lacks sufficient activity to utilize it.
Lubin mentioned that this was why he decided to get involved with SharpLink Gaming. "As we build more and more applications, it will be crucial to achieve the right scale of supply and demand dynamics for Ether," he said.
At the time of the announcement, Bitcoin reached a new high of over $112,000, with Ether following closely behind, briefly trading above $3,000 on Friday. According to Nansen data, Ether earlier hit a high of $3,028, with the trading price slightly below $3,000 at the time of writing.
The price surge came after Bitcoin and Ether investors flocked to cryptocurrency exchange-traded funds (ETFs), resulting in the second-largest single-day inflow since their inception. On Thursday alone, the Ether spot ETF saw a total net inflow of $383.1 million.
This rebound also followed the description by Ethereum Foundation protocol support team developer Sophia Gold that traditional block execution is expected to be replaced by zero-knowledge proofs (ZK proofs). This transition is expected to occur within a year, with the network fully shifting to ZK-proof-based operations after a gradual transition.
Related: Ethereum Foundation's roadmap aims to introduce zkEVM to the mainnet within a year
Original article: “SharpLink Buys 10,000 ETH from Ethereum Foundation as Ether Reclaims $3K”
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