Ethereum Foundation sells 10,000 ETH to BitMine to raise $22.9 million

Techub News, according to CoinDesk, the Ethereum Foundation has completed the sale of 10,000 ETH to BitMine at an average price of $2,292.15, with a total value of approximately $22.9 million. The Foundation stated that this over-the-counter transaction is part of its treasury management strategy, and the proceeds will be used for core operations such as protocol research and development and ecosystem funding. This transaction follows the sale of 5,000 ETH to BitMine in March of this year, marking another treasury disposal. The Foundation noted that such OTC transactions are intended to avoid impacting the spot market and are executed through multi-signature wallets to enhance transparency. BitMine, led by Fundstrat analyst Tom Lee, has become one of the Foundation's key institutional buyers.