Ethereum Foundation sells 5,000 ETH to Bitmine

Ethereum Foundation sold 5,000 ETH for $10.2M to Bitmine, supporting operations and grants. The sale aligns with its treasury strategy and recent ETH staking plans.

The Ethereum Foundation has sold 5,000 ETH, valued at around $10.2 million, to Bitmine Immersion Technologies through an over-the-counter (OTC) transaction at an average price of $2,042.96 per ETH. The funds raised will support the Foundation’s core activities, including protocol research, ecosystem growth, and community grant initiatives. This sale is part of the Foundation’s ongoing treasury management strategy, aiming to balance ETH holdings with adequate fiat reserves for operational needs. Bitmine, now the largest Ethereum treasury holder with over 4.53 million ETH (worth more than $9.4 billion), has been consistently accumulating ETH and currently has no plans to sell. This marks the Foundation’s second sale to a treasury firm, following a previous transaction with Sharplink. Additionally, the Foundation has begun staking its ETH, with plans to stake up to 70,000 ETH to further bolster its operations.