Ethereum Foundation Sells Another 10,000 ETH to Bitmine for $23M, Hitting $47M in Weekly Total

According to The Block, the Ethereum Foundation sold another 10,000 ETH valued at roughly $23 million to Tom Lee’s Bitmine Immersion Technologies on Friday. This latest transaction brings the total ETH sold to Bitmine to approximately $47 million within a week, with an average price of $2,292.15 per ETH.

The foundation stated the funds will support core operations and activities, including protocol R&D, ecosystem development, and community grant funding. According to blockchain analytics platform Lookonchain, Bitmine also staked 162,088 ether as of Thursday, bringing its total staked ETH to 4,194,029 ether, worth about $9.5 billion and representing 83% of its cumulative holdings.