The Ethereum Foundation has sold 5,000 ETH to BitMine Immersion Technologies in an over-the-counter transaction worth just over $10.2 million. The deal was executed at an average price of about $2,042.96 per ETH, according to the foundation.
The organization confirmed the sale in a post on X, explaining that the proceeds will be used to support ongoing operations within the Ethereum ecosystem. This includes funding protocol research and development, developer support initiatives, community grant programs, and broader ecosystem growth.
The transaction marks the second time the foundation has sold ETH directly to a corporate treasury company. In July last year, it sold 10,000 ETH to SharpLink Gaming in a similar private transaction.
Selling portions of its treasury during favorable market conditions allows the Ethereum Foundation to maintain long-term funding for development without relying entirely on donations or external funding sources.
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