Ethereum Foundation Sells $47 Million Worth of ETH to Bitmine in Two Weeks After Latest $23M Deal

According to The Block, the Ethereum Foundation sold another 10,000 ETH valued at approximately $23 million to Tom Lee’s Bitmine Immersion Technologies on Friday (May 2). This brings the total value of ETH sold to Bitmine to $47 million within two weeks, following a similar 10,000 ETH transaction worth about $24 million one week prior.

In the latest transaction, Bitmine paid an average price of $2,292.15 per ETH. According to blockchain analytics platform Lookonchain, Bitmine has increased its staked ETH holdings to 4,194,029 ether, worth approximately $9.5 billion and representing 83% of its cumulative holdings. The Ethereum Foundation stated the funds will support core operations, protocol research and development, ecosystem development, and community grant funding.