Ethereum Foundation Sells $10.2 Million in ETH to BitMine
- The Ethereum Foundation sold 5,000 ETH to BitMine Immersion Technologies at an average price of $2,042.96 per coin.
- The transaction was valued at just over $10.2 million and supports the Foundation’s core operations and activities.
- BitMine now holds approximately $9.41 billion worth of ETH, making it the largest Ethereum treasury firm.
- This is the second sale by the Ethereum Foundation to a treasury firm, following a previous sale of $30 million in ETH to Sharplink.
- Despite a significant unrealized loss, BitMine continues to invest in Ethereum under Chairman Tom Lee’s leadership.
The Ethereum Foundation’s recent sale of ETH to BitMine highlights its ongoing treasury management activities aimed at supporting its operations and ecosystem development efforts. Despite market challenges and unrealized losses, BitMine remains committed to accumulating Ethereum.
With this transaction, BitMine solidifies its position as the leading holder of Ethereum among treasury firms, underscoring its confidence in the cryptocurrency’s future prospects despite current market volatility.(Source)
