In a recent update on Friday, the Ethereum Foundation disclosed that it has finalized another over-the-counter transaction involving 10,000 ETH with BitMine Immersion Technologies, which is recognized as the largest Ethereum treasury firm. This sale follows a similar deal executed just last week.
The transaction was completed at an average price of $2,292 per ETH, according to an announcement on an X post, making the total value approximately $22.9 million. CoinGecko data shows that Ethereum’s trading price has recently surpassed this level, reaching $2,305, marking a 2% increase over the past day.
“The revenue from this sale supports the Ethereum Foundation’s essential operations and projects, including protocol research and development, ecosystem growth, and community grants,” stated the Foundation in its post, reiterating comments made regarding previous sales.
Earlier in the week, the Foundation had reported a similar 10,000 ETH transaction with BitMine at an average rate of $2,387 per coin. Previously, in March, the Foundation conducted its inaugural sale to BitMine, trading away 5,000 ETH for around $2,043 each. Additionally, in July last year, the Foundation executed a 10,000 ETH deal with Sharplink, another competitor in the treasury space.
Since reaching a peak of $4,946 last summer, Ethereum’s price has significantly fallen, during which many Ethereum treasury firms emerged and thrived on broader cryptocurrency market trends.
Despite BitMine being the largest firm in this sector, holding more than $11.7 billion, it is currently grappling with an unrealized loss exceeding $6.3 billion due to the decline in ETH’s value.
Earlier this week, BitMine announced its most substantial Bitcoin acquisition of the year, purchasing 101,901 ETH over the past week, valued at around $235 million at current prices. As of Monday, BitMine’s holdings included over 5.078 million ETH (Note: Tom Lee, Chairman of BitMine, is an investor in Dastan, which owns an editorially independent Decrypt).
BitMine’s stock (BMNR) saw a rise on Friday, climbing 1.75% to $21.78 recently. Over the past month, BMNR has appreciated more than 10%, according to Yahoo Finance, while Ethereum itself has increased by 7.5% in that period.