Ethereum Foundation Sells 10,000 ETH to Bitmine for $23 Million, Bringing Weekly Total to $47 Million

According to The Block, the Ethereum Foundation sold 10,000 ETH to Tom Lee’s Bitmine Immersion Technologies on Friday, valued at approximately $23 million. The transaction occurred exactly one week after the foundation sold another 10,000 ETH worth roughly $24 million to the same buyer. Bitmine paid an average price of $2,292.15 per ETH, with proceeds directed toward the foundation’s core operations, protocol R&D, ecosystem development, and community grants.

Bitmine has also increased its ETH staking position, adding 162,088 ether as of Thursday to bring its total staked holdings to 4,194,029 ether, worth approximately $9.5 billion and representing 83% of its cumulative ETH holdings, according to blockchain analytics platform Lookonchain.