Ethereum Foundation sold 20 thousand ETH to Bitmine Immersion Technologies in the last two weeks. The total amount of these transactions exceeded 46 million dollars. The organization announced that they financed the long-term road map with the proceeds from the sale. ETH sales are carried out within the scope of a treasury policy aimed at structuring the organization’s coffers and supporting various projects.
Bitmine continues to accumulate Ethereum
Both after the 10 thousand ETH transaction last week and in this last sale, Bitmine acquired 20 thousand Ethereum in a short time. This company turned the sales in the Ethereum Foundation into an opportunity and increased the amount of ETH it held. Bitmine, one of the major market players in the crypto industry, focuses on collecting Ethereum within the framework of the strategy of Tom Lee, who sits in the manager’s seat.
With the latest purchase, the total Ethereum in the Bitmine portfolio exceeded 5 million units, reaching 4.2 percent of the total supply. The company has had a 5% market share target for some time, and an important step towards this target has been taken with the latest transactions.
Ethereum Foundation sold the same amount of ETH to Bitmine both last and this week. While the average ETH price in the first one was $2,387, now the average price for 10 thousand ETH sold is $2,292.15. According to CryptoAppsy data, after these sales, the Ethereum price increased by over 2 percent and reached $ 2,309.80.
In its official announcement, the Ethereum Foundation said, “Today, we completed the sale terms of 10 thousand ETH via OTC. The transaction was carried out in full compliance with our treasury management policies.” He included his statements.
Bitmine has been benefiting from the return by staking approximately 70 percent of its Ethereum for some time. This is considered to be a step parallel to the company’s long-term ETH accumulation policy.
Community discusses sales
These high-amount sales made by the Ethereum Foundation in short periods of time raised some question marks in the community. Various users on forums and social media platforms asked, “Why was 46 million dollars in two weeks necessary?” or “Is it because of developer salaries that sales are so high?” He asked questions like:
Some users stated that the speed of sales was worrying and argued that the process should be explained transparently. However, some other commentators stated that placing transactions through OTC rather than exchange would have a limited impact on the market.
Some in the community suggested that a similar selling trend could be risky for the market, using the example of Bitcoin and MicroStrategy. There were even those who claimed that the Ethereum price could decrease by as much as 15 percent.
Justification and road map for sales
According to previous statements made by the Ethereum Foundation, asset sales are made to ensure that short-term operations can be continued in line with long-term strategies. The organization states that the funds obtained will be used in areas such as protocol research, ecosystem development and community grants.
It was previously shared that the majority of ETH sold were transferred to DeFi protocols and active returns were obtained by staking more ETH.
As a result, Bitmine’s rapid ETH purchases and the Ethereum Foundation’s back-to-back sales are being carefully followed in the crypto ecosystem. It is expected that the impact of these policies on the Ethereum price and market balance will become clearer in the coming weeks.
