- The Ethereum Foundation sold 10,000 ETH to BitMine Immersion Technologies for approximately $22.9 million.
- This marks the Foundation’s second consecutive weekly sale of 10,000 ETH to the largest Ethereum treasury company.
- BitMine holds over 5 million ETH worth over $11.7 billion but faces an unrealized loss exceeding $6.3 billion.
The Ethereum Foundation announced Friday that it has completed another major sale of 10,000 ETH to BitMine Immersion Technologies. This transaction follows a “separate 10,000 ETH sale” to the firm completed just last week. Consequently, the Foundation continues to fund its core operations, including protocol R&D and ecosystem development, through these strategic treasury deals.
The deal was struck at an average price of $2,292 per ETH, according to an X post. Ethereum was recently trading just above that level at $2,305, rising about 2% over the last 24 hours per data from CoinGecko. Meanwhile, this represents the Foundation’s third over-the-counter sale to BitMine, following an initial 5,000 ETH sale in March.
BitMine remains the largest Ethereum treasury firm despite significant market volatility. The company’s stock (BMNR) recently ticked up 1.75% to $21.78, per Yahoo Finance. However, the firm is sitting on an unrealized loss exceeding $6.3 billion due to ethereum’s price decline from its peak last summer.
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