Ethereum Foundation Sells 10,000 Ether to BitMine in Treasury Strategy
- The Ethereum Foundation sold 10,000 ether (ETH) at an average price of $2,292.15 per token.
- Total proceeds from the sale amount to approximately $22.9 million.
- BitMine Immersion Technologies, led by Tom Lee, is a repeat buyer and significant institutional accumulator of ETH.
- This transaction follows a previous sale of 5,000 ETH to BitMine in March at about $2,042 per ETH.
- Proceeds will support core operations, including protocol research and community grants.
The Ethereum Foundation’s treasury management strategy involves converting ETH holdings into fiat to maintain operational funding and minimize market impact. The latest sale highlights BitMine’s growing role as a major corporate holder of ETH.
In total, the foundation has raised approximately $33 million from both sales this year alone, emphasizing its ongoing treasury strategy.(Source)
