Barely a month after its first transaction with BitMine, the Ethereum Foundation has announced another sale of significant amounts of Ether tokens to the digital asset treasury (DAT) company.
BitMine Picks Up Additional 10,000 ETH From Ethereum FoundationThis latest transaction comes a month and 10 days after the Ethereum Foundation sold 5,000 ETH (worth roughly $10.21 million at the time) to the Chairman Tom Lee-led digital asset treasury firm. Similar to the previous sale, proceeds from this transaction will fund the EF’s core operations & activities, including protocol R&D, ecosystem development, community grant funding, and more.
However, the fact that the counterparty in this 10,000-ETH transaction is BitMine should bring some degree of calm to the crowd. With the largest Ethereum corporate holder always looking to expand its stockpile, the market can be relatively confident that the recently acquired tokens are unlikely to enter the open market.
What’s interesting is that BitMine is believed to have a target of holding about 5% of the second-largest cryptocurrency’s total supply. With the target still a few percentage points away, the firm’s acquisition spree seems likely to not let up any time soon.
Ethereum Price At A GlanceAs of this writing, the price of ETH is around $2,316, down 0.6% over the past 24 hours. According to CoinGecko data, the altcoin has declined by roughly 5% over the last 7 days.
