The Ethereum Foundation (EF) has been involved in significant Ethereum (ETH) transactions, selling a substantial amount of ETH just as the cryptocurrency's price surged past $3,000 for the first time since February. These transactions illustrate the deepening engagement of institutional players into the Ethereum ecosystem.

As recently as July 11, one Ethereum Foundation-affiliated wallet sold 1,210 ETH for 3.5 million USDC. The weighted average price of the ETH sold was about $2,890. The assets, including a catalogue of 140 shows, were sold by the recently spun-off Argot Collective, directed by Xiao Wei-Wang.

SharpLink Gaming had already made a major play on July 10. They purchased 10,000 ETH from the Ethereum Foundation in an over-the-counter (OTC) transaction worth $25.7 million. Their average purchase price per Ethereum coin was $2572.37. SharpLink Gaming’s Chairman, Joseph Lubin, had this to say about the acquisition.

"As Ethereum enters a new era of institutional relevance, we are proud to support the long-term sustainability of the network and its mission of decentralization" - Joseph Lubin

Lubin stated that the company views the deal as "a commitment within the framework of its long-term goals."

These transactions suggest that the Ethereum Foundation is reaching out to institutional players. The sale of ETH by Argot Collective and the acquisition by SharpLink Gaming demonstrate strategic moves within the Ethereum ecosystem.

The timing of these transactions is noteworthy. In fact, on July 11, the price of Ethereum crossed above $3,000 for the first time since February. Given this increase in value, it’s possible that the Ethereum Foundation’s decision to sell off some of its stock was affected.

The Ethereum Foundation’s ongoing transactions with institutional players such as Microsoft and JPMorgan Chase is another great sign of maturity for the second largest cryptocurrency. Together, these moves will likely provide increased stability and liquidity to the market.