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

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. The latest transaction brings cumulative ETH sales to Bitmine to roughly $47 million within one week, with the foundation paying an average price of $2,292.15 per ETH. The foundation said proceeds will support core operations, protocol R&D, ecosystem development, and community grant funding.

According to blockchain analytics platform Lookonchain, Bitmine 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.