The Ethereum Foundation has sold 10,000 ETH worth approximately $23 million through an over-the-counter (OTC) deal with Bitmine Immersion Technologies, the organization confirmed on Friday. The transaction was carried out at an average price of $2,292 per ETH.
According to the foundation, the proceeds from this sale will support its core operations, including protocol research and development, ecosystem expansion programs, community grants, and other ongoing initiatives that help maintain and grow the Ethereum network.
Bitmine has been actively increasing its exposure to Ethereum and has completed multiple OTC purchases from the foundation this year. This includes a recent acquisition of 5,000 ETH.
Under the leadership of Thomas “Tom” Lee, the company has now accumulated around 4.2% of Ethereum’s total supply and is reportedly nearing its long-term goal of holding 5%.
Read More: Grayscale and Bitmine Invest $500M in Ethereum
Often referred to as the “MicroStrategy of Ethereum,” Bitmine distinguishes itself by focusing on building a validator network rather than simply holding ETH as a treasury asset.
The company has also staked approximately 3.7 million ETH, valued at nearly $8.8 billion, through its MAVAN platform, according to its latest update. In addition, it holds about $91 million in Eightco Holdings and continues to attract strong institutional interest.
Meanwhile, the Ethereum Foundation has also been strengthening its treasury strategy. It has allocated 70,000 ETH for staking and currently holds over 82,500 ETH, valued at around $190 million based on Arkham Intel data.
See Also: Bitmine NYSE Uplisting Boosts Shares 7% After ETH Buy
