The Ethereum Foundation sells an additional $23 million worth of ETH to Tom Lee’s BitMine

the Ethereum The institution announced on Friday that it has completed a third OTC sale of 10,000 ETH to BitMine Immersion Technologies, Ethereum’s largest treasury, following a transaction of the same size. It was completed last week.

The deal was concluded at an average price of $2,292 per ETH per 1 Share XBringing the total value of the deal to approximately $22.9 million. Ethereum recently traded just above this level at $2,305, rising nearly 2% over the past 24 hours according to CoinGecko data.

“This sale funds the core operations and activities of the Ethereum Foundation, including protocol R&D, ecosystem development, community grant funding and more,” the foundation posted, echoing previous messages related to the sale.

Just last Friday, the Ethereum Foundation announced… Separate sale of 10,000 ETH For the company, an average price of $2,387 per coin. In March the institution Made the first sale of ETH to BitMinewhere 5,000 ETH was offloaded at a price of approximately $2,043 per coin. The organization also conducted a 10,000 ETH sale to rival treasury company Sharplink last July.

The price of Ethereum has declined significantly since reaching a high of $4,946 last summer, a period that also saw the rise of several Ethereum treasury companies benefiting from the momentum of the broader cryptocurrency market.

Despite being the largest such company – with holdings of over $11.7 billion – BitMine is currently suffering from an unrealized loss of over $6.3 billion due to falling prices.

Earlier this week, BitMine revealed… Biggest Bitcoin purchase of the yearas it acquired 101,901 Ethereum during the previous week – worth about $235 million at the current price. As of Monday, the company held over 5.078 million ETH. (Disclosure: BitMine CEO Tom Lee is a… Investor in DastanThe parent company of an independent editorial board Decryption.)

BitMine (BMNR) stock was higher on Friday, most recently up 1.75% at $21.78. BMNR has increased by more than 10% in the past month Yahoo FinanceWith the price of Ethereum itself rising by 7.5% during the same period.