- Ethereum Foundation sold 5,000 ETH to Bitmine at $2,042.96 per coin in a $10.38M OTC transaction.
- Proceeds will fund Ethereum research, ecosystem development, and community grant programs.
- Bitmine continues expanding its ETH treasury, which now holds over 4.53M ETH worth about $9B.
The Ethereum Foundation finalized a 5,000 ETH sale through an over-the-counter agreement with Bitmine. The foundation confirmed the deal occurred at an average price of $2,042.96 per ETH. According to the Ethereum Foundation, the transaction supports research, ecosystem development, and community grants across the Ethereum network.
Ethereum Foundation Executes OTC Sale
The Ethereum Foundation confirmed the sale through a public update. According to the organization, the transaction closed at an average price of $2,042.96 per ETH. That price placed the total value of the deal near $10.38 million.
The buyer in the agreement was Bitmine, a crypto treasury company led by Tom Lee. According to the Ethereum Foundation, the sale formed part of routine treasury management activities.
The organization manages reserves by balancing digital assets with operational funding needs. The non-profit organization established in 2014 oversees support for the Ethereum blockchain ecosystem.
Its responsibilities include development coordination and ecosystem funding. Therefore, periodic asset sales help maintain operational liquidity. The foundation said proceeds will support ongoing programs.
Funds Directed Toward Core Operations
According to the Ethereum Foundation, funds from the transaction will support several operational areas. These include protocol research and development. The organization also allocates resources to ecosystem development initiatives.
In addition, community grant programs receive funding through treasury operations. The foundation follows a financial framework governing reserve management. That structure targets annual operating expenses near 15 percent of treasury value.
Furthermore, the policy maintains a reserve buffer covering approximately two and a half years of operations. That guideline determines how frequently ETH sales occur. The sale also followed other financial activities. Recently, the foundation began staking up to 70,000 ETH.
Bitmine Expands Ethereum Holdings
Bitmine Immersion Technologies acted as the counterparty in the agreement. The company has built one of the largest publicly reported ether treasury positions.
According to available data, Bitmine holds roughly 4.53 million ETH. That portfolio currently exceeds $9 billion in value. However, the firm also holds smaller allocations of other assets. These include about 195 BTC and more than $1 billion in cash.
Additionally, Bitmine maintains equity investments across several companies. These include a stake in Beast Industries, the company behind YouTube creator MrBeast. The company also holds about a seven percent stake in the Worldcoin treasury firm Eightco.
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