On May 2nd, the Ethereum Foundation sold another 10,000 ETH to Bitmine Immersion Technologies – a company backed by Tom Lee – for a total value of approximately $23 million, marking its second sale in just one week. This move is attracting significant attention from the crypto community as the Ethereum ecosystem development fund continues to restructure its finances and operational strategy in this new phase of the market.
According to the official announcement, the proceeds from the ETH sale will be allocated to core Ethereum activities such as protocol research and development, ecosystem expansion, community grant funding, and various other long-term programs. The Medium selling price in the latest transaction reached $2,292.15/ ETH, indicating that the fund is still taking advantage of market liquidation to supplement its operating budget.
Notably, this transaction took place exactly one week after the Ethereum Foundation also sold 10,000 ETH for approximately $24 million. Thus, in just 7 days, the total amount of ETH transferred to Bitmine reached approximately $47 million, solidifying the company's position as one of the largest " ETH reserves" in the market.
Alongside its purchases, Bitmine is accelerating its large-scale Staking strategy to generate passive income from Ethereum. Data from on-chain analytics platform Lookonchain indicates that the company has just begun Staking an additional 162,088 ETH , bringing its total Staking ETH to 4,194,029 ETH – equivalent to approximately $9.5 billion. This figure represents 83% of Bitmine's total ETH holdings, a significant increase from around 70% just a week earlier. This reflects a growing trend among institutions: instead of simply holding ETH, they are shifting to Staking to maximize long-term yields.
