The Ethereum Foundation, the main organization behind the Ethereum ecosystem, has added another sale to its list of ongoing holdings.
The foundation announced in its latest statement that the sale of 10,000 Ethereum (ETH) tokens was completed at an average price of $2,292.15. This resulted in a total sale value of approximately $22.9 million.
According to the statement, the sale was conducted using the over-the-counter (OTC) transaction method, and the counterparty was Bitmine, a cryptocurrency investment company. OTC transactions are frequently preferred by institutional players because they allow for high-volume sales without causing sudden price fluctuations in the market.
The Ethereum Foundation stated that the proceeds from this sale will be used to fund protocol development (R&D), ecosystem growth, community grants, and other core operational activities.
This latest transaction is a continuation of the foundation’s recent series of sales. As a reminder, the organization recently sold 10,000 ETH over-the-counter (OTC) at an average price of $2,387. Furthermore, the Ethereum Foundation previously raised funds by converting 5,000 ETH into stablecoins.
*This is not investment advice.
