Ethereum Foundation Has Announced It Sold ETH Again—This Time, They Sold Twice as Much as in the Last Sale

The Ethereum Foundation, the main organization behind the Ethereum ecosystem, has announced another sale following a recent one. In a statement, the Foundation announced that the sale of 10,000 Ethereum ($ETH) tokens has been finalized as of today.

According to the statement, the sale was conducted via over-the-counter (OTC) transactions at an average price of $2,387. A total of $23.87 million worth of $ETH was sold. The counterparty to the transaction was identified as Bitmine, a cryptocurrency investment company. OTC transactions are known for allowing large-volume sales to be carried out without causing sudden fluctuations in the market price.

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The Ethereum Foundation stated that the proceeds from the sale will be used to fund the organization’s core activities. These funds will be allocated to areas such as protocol development, research and development (R&D), ecosystem growth, and community grant programs.

This latest sale is noteworthy as it follows the Foundation’s $ETH sale on April 8th, where developers sold 5,000 $ETH via TWAP.

*This is not investment advice.

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