Ethereum Foundation Sells $23 Million in ETH to BitMine
- The Ethereum Foundation sold 10,000 ETH to BitMine Immersion Technologies for $23.87 million.
- This marks the second direct purchase of ETH by BitMine from the Foundation.
- BitMine holds over $11.5 billion worth of Ethereum, making it the largest holder of the asset.
- The sale was completed at an average price of $2,387 per ETH, while Ethereum’s market price was recently $2,313.
- BitMine’s stock (BMNR) increased by more than 1% on the day of the announcement.
The Ethereum Foundation has finalized its second sale of ETH to BitMine Immersion Technologies, a major player in Ethereum holdings, with a transaction totaling nearly $24 million. The sale supports the Foundation’s operational activities and development projects.
Despite recent declines in Ethereum‘s market value, BitMine continues to expand its holdings significantly, reflecting its strategic investment approach in cryptocurrency assets.
