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- The Ethereum Foundation sold 10,000 ETH to Bitmine in an auction at a price of $2,387.
- Bitmine, under the leadership of Tom Lee, used the purchase to expand its Ethereum assets as a base from which it raised funds for operations and development.
The Ethereum Foundation has sold a new block of Ether, this time through a direct partnership with Bitmine Immersion Technologies, a digital asset management company led by Tom Lee.
In a statement on Friday, the foundation said it had completed the sale of 10,000 ETH at a price of $2,387, valuing the project at just under $24 million.
The buyer was Bitmine, which has been building its own ETH database and is positioning itself as an investment vehicle focused on digital assets rather than a management company.
The Ethereum Foundation is selling ETH to support a major project
Foundation he said The proceeds from the sale will be used to support its main activities and activities, including policy research and development, environmental development, and humanitarian aid.
This description is familiar, although it is still seen every time it appears. Products are Ethereum Foundation they tend to attract more attention than financial institutions because they sit at the intersection of governance, environmental information and market ideology.
When the foundation sells The price of ETHeven for operational reasons, traders often read them to find out about time and internal confidence, whether that interpretation is correct or not.
In this case, the design is as important as the sale itself. The OTC contract avoids the confusion of the market and the market in trading, which helps to reduce the pressure on the exchange books.
Bitmine continues to increase its holdings of Ether
For Bitmine, the purchase marks another step in a long-term expansion plan. The company said it added to its ETH holdings, making sure that the deal was not as opportunistic as part of the regular paper production.
This is consistent with the model that Bitmine has been leaning towards. Companies like these are eager to become transparent proxies for crypto exposure, using asset pooling to give investors access to the financial community through stocks.
So while the seller here was the Ethereum Foundation and its purpose was the development of the currency, the other part of the sale is just telling. Institutional buyers are still willing to acquire large blocks of ETH directly, and this says something that demand continues even when the source of the material is one of the most widely viewed wallets in the ecosystem.
