The Ethereum Foundation (EF) said it ended up selling 5,000 ether (ETH) in an over-the-counter transaction with Bitmine Immersion Technologies, one of the top cryptocurrency funding companies.
The average price of the sale was $2,042.96 per ETH, with the transaction value being approximately $10.2 million, the foundation said.
The non-profit organization, founded in 2014 to support the Ethereum blockchain and its ecosystem, said the funds will support its core operations, including protocol research and development, ecosystem development and community grants.
The company said the transactions were consistent with its reserve management policies. The framework aims to strike a balance between holding ETH and maintaining sufficient fiat or fiat-like assets to cover operating costs. EF currently aims to keep annual operating expenses at around 15% of financial value with a 2.5-year operating buffer, a strategy that determines how often it sells ETH.
The sale comes less than a month after the Ethereum Foundation began staking up to 70,000 ETH to support its operations and deepen its role in the Ethereum ecosystem.
Bitmine, helmed by Fundstrat’s Tom Lee, is the counterparty to the transaction and is the largest publicly traded Ethereum vault company, currently holding approximately 4.53 million ETH, worth more than $9.4 billion.
The company’s portfolio is almost entirely in Ethereum. The company also holds approximately 195 Bitcoin and over $1 billion in cash and equity. The stakes also include a stake in Beast Industries, the company behind YouTube creator MrBeast, after investing $200 million in it, and a 7% stake in Worldcoin finance company Evenco.
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