Ethereum Foundation Sells $23 Million More in ETH to Tom Lee's BitMine
Analysis
Price Impact
LowThe ethereum foundation selling eth is a regular occurrence to fund operations. while it adds to the circulating supply, it's a known factor and the amounts are generally absorbed by the market, especially when sold to large treasury firms like bitmine which are long-term holders.
Trustworthiness
HighPrice Direction
NeutralThe sale amount is not large enough to significantly impact eth's price in the short to medium term. the fact that it's a routine operation and the buyer is a large treasury firm suggests the market might have already priced this in. the ongoing market sentiment and other macro factors will likely have a greater influence on price.
Time Effect
ShortThe immediate effect of this sale is likely to be minimal. any potential price adjustment would be absorbed quickly by the market, with longer-term price movements dependent on broader market trends and ethereum's technological developments.
Original Article:
Article Content:
In brief The Ethereum Foundation sold about $23 million worth of ETH to BitMine Immersion Technologies. It's the second straight weekly sale of 10,000 ETH to the leading Ethereum treasury company. BitMine currently holds over 5 million ETH valued above $11.7 billion. The Ethereum Foundation announced Friday that it has completed a third over-the-counter sale of 10,000 ETH to BitMine Immersion Technologies, the largest Ethereum treasury company, following a transaction of the same size completed last week . The deal was struck at an average price of $2,292 per ETH, per an X post , bringing the total transaction value to roughly $22.9 million. Ethereum was recently trading just above that level at $2,305, rising about 2% over the last 24 hours per data from CoinGecko. “This sale funds the Ethereum Foundation’s core operations and activities, including protocol R&D, ecosystem development, community grant funding and more,” the Foundation posted, echoing past messages regarding sales. Just last Friday, the Ethereum Foundation announced a separate 10,000 ETH sale to the firm, at an average price of $2,387 per coin. In March, the Foundation made its first ETH sale to BitMine , offloading 5,000 ETH at approximately $2,043 per coin. The Foundation also conducted a 10,000 ETH sale to rival treasury firm Sharplink last July. Ethereum's price has dropped significantly since hitting a high of $4,946 last summer, a period that also saw the rise of numerous Ethereum treasury companies riding broader crypto market momentum. Despite being the largest such firm—with over $11.7 billion in holdings—BitMine is currently sitting on an unrealized loss exceeding $6.3 billion due to the price decline. Earlier this week, BitMine disclosed its biggest Bitcoin purchase of the year , acquiring 101,901 ETH over the previous week—about $235 million worth at the current price. As of Monday, the company held more than 5.078 million ETH. (Disclosure: BitMine Chairman Tom Lee is an investor in Dastan , the parent company of an editorially independent Decrypt .) BitMine stock (BMNR) ticked up on Friday, recently up 1.75% at a price of $21.78. BMNR is up more than 10% in the last month, per Yahoo Finance , with the price of Ethereum itself rising 7.5% during the same span. Daily Debrief Newsletter Start every day with the top news stories right now, plus original features, a podcast, videos and more. Your Email Get it! Get it!