Ethereum Foundation Sells Another 10,000 ETH to Bitmine for $23M, Cumulative Sales Hit $47M

According to the Ethereum Foundation, the organization sold 10,000 ETH valued at approximately $23 million to Tom Lee’s Bitmine Immersion Technologies on Friday (May 1). The purchase price averaged $2,292.15 per ETH. This transaction marks the second major sale to Bitmine within a week, bringing cumulative ETH sales to roughly $47 million.

Bitmine has been increasing its staking exposure, with 162,088 ether staked as of Thursday, according to blockchain analytics platform Lookonchain. The company’s total staked ETH now stands at 4,194,029 ether, valued at approximately $9.5 billion and representing 83% of its cumulative holdings. The Ethereum Foundation said the proceeds will support core operations, protocol research and development, ecosystem development, and community grant funding.