The Ethereum Foundation, which regularly sells portions of its ETH holdings, has agreed with Bitmine on a $10.21 million sale. A look back at this transaction.
Bitmine buys 5,000 ETH from the Ethereum Foundation
The Ethereum Foundation regularly sells a portion of its ETH holdings to finance its day-to-day operations. These transactions are typically announced, and in line with this practice, the foundation announced a new sale on Saturday, involving 5,000 units.
The Ethereum Foundation reached an over-the-counter (OTC) agreement with BitMine at $2,042.96 per ETH, equivalent to approximately $10.21 million:
Transaction between the Ethereum Foundation and BitMine
This new purchase is in addition to the 4,534,563 ETH that Bitmine held as of March 8, according to its latest filing with the Securities and Exchange Commission (SEC).
In that filing, the company states that just over 3 million Ethers are staked, yielding an estimated $259 million per year based on current prices. On this occasion, Tom Lee maintained his usual optimism, despite the bear market conditions:
As the saying goes, you shouldn’t ring the bell at the bottom, which is why Bitmine’s strategy is to slightly accelerate its pace of ETH accumulation. Last week [March 2–6, ed.], we acquired 60,976 ETH, compared to a recent weekly average of 45,000 to 50,000.
As of this writing, ETH is enjoying a bit of a breather, trading at $2,250, up 7% over the past 24 hours.
