Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
The Ethereum Foundation has completed its third over-the-counter transaction selling Ether to BitMine Immersion Technologies. The largest public corporate holder of the second most valuable cryptocurrency acquired 10,000 ETH at an average price of $2,292 per coin.
The total value of the transaction amounted to approximately $22.9 million.
The Foundation indicated that the proceeds will be allocated to support its core activities, including protocol research and development, ecosystem growth, community grants, and similar initiatives.
This transaction marks the third of its kind. A similar sale of 10,000 ETH at a price of $2,387 occurred a week prior. In just the last week, the Ethereum Foundation has generated around $47 million from its dealings with BitMine. The first sale took place in March, during which the Foundation sold 5,000 ETH at roughly $2,043 each.
Related Posts
Last week, the Foundation unlocked 17,035 ETH from staking, valued at $40 million. Previously, the Ethereum Foundation had committed to maintaining 70,000 ethers in staking. At the beginning of April, the number of coins locked for yield reached 69,500 ethers.
Last year, following community accusations of excessive Ether sales, the Foundation announced plans to limit transactions and later stated that a significant portion of Ether would be placed in staking.
BitMine has managed to accumulate over 5 million ETH. The largest transaction of the year was the acquisition of 101,901 ETH.
Recently, BitMine’s head, Tom Lee, made a prediction that the price of Ether could exceed $62,000 in the coming years. Lee suggested that initially, capital would flow into large, highly liquid assets, followed by a shift in investor interest towards riskier options, including cryptocurrencies.
