According to The Block, the Ethereum Foundation sold 10,000 ETH valued at approximately $23 million to Tom Lee’s Bitmine Immersion Technologies on Friday (May 2), bringing cumulative sales to the firm to $47 million within one week. The latest purchase follows another 10,000 ETH transaction one week prior. Bitmine paid an average price of $2,292.15 per ETH in the latest deal. The foundation stated the proceeds will support core operations, protocol R&D, ecosystem development, and community grant funding. According to blockchain analytics platform Lookonchain, Bitmine has also increased its staked ETH to 4,194,029 ether, worth approximately $9.5 billion and representing 83% of its total holdings.
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