Ethereum Foundation Sells 10,000 ETH to Bitmine for $23 Million, Hitting $47 Million in Weekly Sales

According to The Block, the Ethereum Foundation sold 10,000 ETH valued at approximately $23 million to Tom Lee’s Bitmine Immersion Technologies on Friday, bringing cumulative sales to $47 million within a week. The latest purchase follows an identical 10,000 ETH transaction one week prior, with the foundation stating proceeds will support core operations, protocol research and development, ecosystem development, and community grant funding. Bitmine paid an average price of $2,292.15 per ETH. According to blockchain analytics platform Lookonchain, Bitmine also staked an additional 162,088 ether as of Thursday, bringing its total staked ETH to 4,194,029 ether, worth approximately $9.5 billion and representing 83% of its cumulative holdings.