What to know:
- The Ethereum Foundation (EF) completed an over-the-counter (OTC) sale of 5,000 ETH to BitMine Immersion Technologies (BMNR) for approximately $10.2 million. Because nothing says “cautious financial planning” like selling cryptocurrency to a man named Tom Lee, who probably has a PowerPoint titled “How to Sound Like a Genius in 2023.”
- The funds will support the EF’s core operations, including protocol R&D and ecosystem grants, as part of a treasury strategy to balance ETH and fiat-like assets. A strategy so delicate, it’s like trying to balance a bag of popcorn on your head while riding a unicycle through a hurricane.
- BitMine, the largest publicly-traded ether treasury firm holding around 4.53 million ETH, was the counterparty in the deal, which follows the EF’s recent decision to stake up to 70,000 ETH. If you thought this was a crypto deal, no-it’s a Netflix plot outline.
In a move that would make even the most seasoned Wall Street maven reach for their aspirin, the Ethereum Foundation has sold 5,000 ether (ETH) in an over-the-counter transaction with one of the top crypto treasury firms, Bitmine Immersion Technologies. The price? A mere $2,042.96 per ETH. For context, that’s about what you’d pay to rent a Tesla for a weekend in 2018, if you had a time machine and a death wish.
The non-profit organization, established in 2014 to support the Ethereum blockchain and its ecosystem, said the funds will support its core operations, including protocol research and development, ecosystem growth, and community grants. You know, because nothing says “community” like selling millions to a guy who once predicted Bitcoin would hit $500,000. (Spoiler: He was wrong. But hey, at least he’s consistent!)
The transactions, it said, are in line with the policy that governs its reserve management. The framework aims to strike a balance between holding ETH and maintaining sufficient fiat or fiat-like assets to cover operating costs. EF currently aims to keep annual operating expenses near 15% of treasury value with a 2.5-year operating buffer, a strategy that determines how often it sells ETH. In other words, it’s a financial alchemy experiment that would make a medieval alchemist blush.
The sale comes less than a month after the Ethereum Foundation began staking up to 70,000 ETH to support its operations and deepen its role in the Ethereum ecosystem. If you’re keeping track, that’s like burning money to stay warm in a sauna. But hey, it’s working, I guess?
Bitmine, helmed by Fundstrat’s Tom Lee, was the counterparty in the deal and is the largest publicly traded ether treasury firm, currently holding around 4.53 million ETH, worth more than $9.4 billion. For comparison, that’s roughly the GDP of a small European country that no one remembers existed. The firm’s portfolio is almost entirely ether. The company also holds around 195 BTC and more than $1 billion in cash, along with equity stakes. These stakes also include a share of Beast Industries, the company behind YouTube creator MrBeast, after a $200 million investment in it, along with a 7% stake in the worldcoin treasury firm Eightco. Because nothing says “diversified portfolio” like owning a sliver of a YouTube phenomenon and a company that sounds like it was invented by a Bond villain.
Read More
- Top 10 Must-Watch Isekai Anime on Crunchyroll Revealed!
- Deltarune Chapter 1 100% Walkthrough: Complete Guide to Secrets and Bosses
- Scopper’s Observation Haki Outshines Shanks’ Future Sight!
- Top 8 UFC 5 Perks Every Fighter Should Use
- 10 Best Indie Games With Infinite Replayability
- All Carcadia Burn ECHO Log Locations in Borderlands 4
- Multiplayer Games That Became Popular Years After Launch
- How to Unlock & Visit Town Square in Cookie Run: Kingdom
- Enshrouded: Giant Critter Scales Location
- All Shrine Climb Locations in Ghost of Yotei
2026-03-14 20:57