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The Ethereum Foundation sold 10,000 ETH for approximately $23 million through an over-the-counter (OTC) transaction with Bitmine Immersion Technologies, the foundation disclosed on Friday.
In a separate disclosure, the foundation said it finalized the terms of the sale at an average price of $2,292.15 per ETH via OTC.
The Ethereum Foundation stated that the OTC counterpart for the transaction was Bitmine Immersion Technologies (BitMNR). The sale was executed at an average price of about $2,292 per token.
According to the foundation, proceeds from the transaction will fund core operations, including protocol research and development, ecosystem programs, community grants, and other foundation activities.
Bitmine has participated in two OTC purchases from the foundation this year. The latest sale follows a 5,000 ETH deal completed last week.
Led by Thomas Tom Lee, Bitmine has accumulated around 4.2% of Ethereum’s total supply, placing it roughly 84% of the way toward its stated 5% ownership target.
Bitmine is described as building a validator network rather than simply holding ETH as a treasury asset. The company has staked around 3.7 million ETH, valued near $8.8 billion, via its MAVAN platform, according to its latest update.
Bitmine also owns roughly $91 million in Eightco Holdings and continues to operate with high trading liquidity supported by prominent institutional investors, while pursuing a long-term accumulation strategy.
The Ethereum Foundation has allocated 70,000 ETH to staking to strengthen its treasury position. It currently holds more than 82,500 ETH, worth around $190 million, based on data from Arkham Intel.
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