Ethereum Foundation sells 10,000 ETH to BitMine for $22.9M
Ethereum Foundation sold 10,000 ETH to BitMine at an average $2,292 per coin, raising about $22.9 million for protocol research, ecosystem work and community grants.
The Ethereum Foundation completed a third over-the-counter sale of 10,000 ETH to BitMine Immersion Technologies on Friday, the foundation posted. The trade was executed off-exchange at an average price of $2,292 per coin, producing roughly $22.9 million in proceeds.
The foundation posted that proceeds will finance “protocol R&D, ecosystem development, community grant funding and more,” adding that funds will support the foundation’s core operations.
The transaction follows a 10,000 ETH OTC sale to the same buyer announced last week and a March sale of 5,000 ETH to BitMine at about $2,043 per coin. The foundation also completed a 10,000 ETH sale last July to another treasury firm.
The most recent sale was priced slightly below market quotations near $2,300 per ETH. Ether’s price has declined from a peak near $4,946 last summer.
BitMine reported adding 101,901 ETH over the prior week, pushing its holdings past 5 million to roughly 5.078 million ETH. At current prices those holdings are valued at more than $11.7 billion.
BitMine’s public stock traded near $21.78 on Friday and was up about 10% over the last month. Ether has recovered some ground over the same period.
The foundation has used off-exchange sales to provide a predictable funding stream for long-term projects and grant programs, and foundation spokespeople have noted that sales are not intended to influence market liquidity.
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