Ethereum Foundation sells 5,000 ETH to Bitmine for $10.2 million
- The Ethereum Foundation (EF) sold 5,000 ether (ETH) in an over-the-counter transaction.
- The sale was completed at an average price of $2,042.96 per ETH, totaling approximately $10.2 million.
- Funds from the sale will support EF’s core operations, including protocol research and community grants.
- EF aims to maintain annual operating expenses at about 15% of its treasury value with a buffer of around two and a half years.
- Bitmine Immersion Technologies holds approximately 4.53 million ETH, valued over $9.4 billion, making it the largest publicly traded ether treasury firm.
This transaction aligns with EF’s reserve management policy aimed at balancing ETH holdings with fiat-like assets for operational costs. The recent sale follows EF’s initiative to stake up to 70,000 ETH to enhance its role within the Ethereum ecosystem.
The Ethereum Foundation’s recent sale of 5,000 ETH underscores its strategy to fund essential operations while managing its treasury effectively.
