The Toronto Maple Leafs and San Jose Sharks pulled off a late-night trade on Thursday, exchanging depth pieces.
The Leafs sent much-maligned forward Ryan Reaves to the Sharks in exchange for defenseman Henry Thrun.
TRADE: We’ve acquired defenceman Henry Thrun from the San Jose Sharks in exchange for forward Ryan Reaves pic.twitter.com/dZKTlDwXGP
— Toronto Maple Leafs (@MapleLeafs) July 11, 2025
Reaves had become largely expendable for the Maple Leafs after gradually losing his fourth-line spot throughout this past season. Reaves’ woes hit a low point when he was designated to the Toronto Marlies to clear cap space for trade deadline acquisitions Brandon Carlo and Scott Laughton.
The writing was on the wall for Reaves. The 38-year-old was evidently no longer part of Toronto’s plans. His one-dimensional nature does not seem in line with Brad Treliving’s ongoing DNA transplant for Toronto.
Additionally, Reaves’ comments in a recent interview in which he seemingly sided with Vegas Golden Knights’ forward Mitch Marner could have played a role in cementing Reaves’ fate with the Maple Leafs.
Reaves will be entering the final year of his current contract with the Leafs. His $1.35 million cap hit will be a drop in the bucket for the Sharks, but could prove to be a valuable move for the Maple Leafs as they continue to retool their roster.
Maple Leafs acquire depth defenseman Henry Thrun

Henry Thrun was the return for Reaves. Thrun is a 24-year-old left-shot D-man, who was a former fourth-round pick of the Anaheim Ducks in 2019.
Thrun is entering the final year of a two-year deal he signed last summer. He comes with a $1 million cap hit, one that the Leafs could bury in the AHL if they were so inclined to do so.
The Massachusetts native played in 58 games this past season, registering two goals and 12 points. Thurn could slide in as a seventh or eighth defenseman.
It’s worth pointing out that Thrun’s acquisition resembles that of Matt Benning last fall as part of the Timothy Liljegren trade. The Leafs will likely want to see what they have in Thrun before deciding on his fate.