Summary
- The Ethereum Foundation said it sold 5,000 Ether—worth about $10.2 million—to BitMine via an over-the-counter (OTC) transaction.
- The Ethereum Foundation said it will use the proceeds for protocol R&D and supporting ecosystem growth, and that under its treasury management policy it maintains operating expenses and operating funds.
- The Ethereum Foundation is pursuing a strategy to stake up to 70,000 Ether, while the buyer BitMine is a firm with an Ether treasury of about 4.53 million Ether, it said.
Forecast Trend Report by Period
The Ethereum Foundation has sold about $10 million worth of Ether to BitMine.
According to CoinDesk on the 15th (local time), the Ethereum Foundation recently sold 5,000 Ether to BitMine through an over-the-counter (OTC) transaction. The average transaction price was $2,042.96 per Ether, putting the total sale at $10.2 million.
Ethereum plans to use the proceeds from the sale for protocol research and development (R&D) and to support ecosystem growth. In line with its treasury management policy, the Ethereum Foundation has maintained a strategy of balancing its Ether holdings with cash and cash-equivalent assets.
Specifically, the Ethereum Foundation sets aside annual operating expenses at about 15% of its treasury reserves and aims to secure roughly 2 years and 6 months’ worth of operating funds in advance. This context also underpins why the foundation periodically sells Ether to raise funds.
The Ethereum Foundation has also been upgrading its financial strategy recently, including pursuing a plan to stake up to 70,000 Ether.
Meanwhile, BitMine, which purchased Ether from the Ethereum Foundation, is the world’s largest corporate Ether treasury. BitMine is said to currently hold about 4.53 million Ether.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
