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The Ethereum Foundation has completed a third over-the-counter sale of 10,000 ETH to BitMine Immersion Technologies, marking the second consecutive weekly sale of the same amount to the leading Ethereum treasury firm.
According to the Ethereum Foundation, the transaction was executed at an average price of $2,292 per ETH, bringing the total value to roughly $22.9 million. Ethereum was recently trading just above that level at $2,305, up about 2% over the last 24 hours, based on CoinGecko data.
The Foundation said the proceeds fund its core operations and activities, including protocol research and development, ecosystem development, community grant funding, and other initiatives.
Just last week, the Ethereum Foundation announced a separate 10,000 ETH sale to BitMine at an average price of $2,387 per coin. In March, it made its first ETH sale to BitMine, selling 5,000 ETH at approximately $2,043 per coin. The Foundation also conducted a 10,000 ETH sale to rival treasury firm Sharplink last July.
BitMine currently holds over 5 million ETH, valued above $11.7 billion. However, due to the decline in Ethereum’s price since its prior peak, the firm is reportedly sitting on an unrealized loss exceeding $6.3 billion.
Ethereum has fallen significantly from a high of $4,946 last summer, a period that coincided with the growth of Ethereum treasury companies amid broader crypto market momentum.
Earlier this week, BitMine disclosed its biggest Bitcoin purchase of the year, acquiring 101,901 ETH over the previous week—about $235 million worth at the current price. As of Monday, the company held more than 5.078 million ETH.
BitMine stock (BMNR) ticked up on Friday, recently up 1.75% to $21.78. Per Yahoo Finance, BMNR is up more than 10% over the last month, while Ethereum itself rose 7.5% during the same period.
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