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Ethereum Foundation sells 10,000 ETH for $24M to fund development and ecosystem growth

Protocol Fundamentals
24 Apr 2026
Zycrypto
View Source
Bullish
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The Ethereum Foundation completed an over-the-counter sale of 10,000 Ether (ETH) at an average price of $2,387 per token, totaling about $24 million. The proceeds will support Ethereum's core operations, including research, development, and community grants, emphasizing ongoing network growth rather than financial distress. The buyer, Bitmine Immersion Technologies, led by Tom Lee, now holds nearly 5% of Ether's supply and aims to acquire up to 5%, potentially reducing circulating liquidity and supporting price stability. The Foundation has also shifted towards staking and DeFi investments to generate income and reduce reliance on ETH sales.

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