Ethereum Foundation Sells 10,000 ETH to Bitmine for $23M, Cumulative Sales Hit $47M in One Week

According to The Block, the Ethereum Foundation sold 10,000 ETH valued at roughly $23 million to Tom Lee's Bitmine Immersion Technologies on Friday, with an average price of $2,292.15 per ETH. This transaction marks the second major sale to Bitmine within one week, bringing cumulative ETH sales to approximately $47 million.

Following the latest purchase, Bitmine has increased its staked ETH holdings to 4,194,029 ether, worth about $9.5 billion and representing 83% of its total holdings, according to blockchain analytics platform Lookonchain. The foundation stated the proceeds will support core operations, protocol research and development, ecosystem development, and community grant funding.