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Ethereum Foundation Sells 10,000 ETH to BitMine in $22.9 Million OTC Deal

The Ethereum Foundation states that it transferred 10,000 ETH to BitMine Immersion Technologies in an over-the-counter trade at a weighted average price of $2,292 per token.

Summary

The Ethereum Foundation completed an OTC (over-the-counter private trade) sale of 10,000 ETH to BitMine Immersion Technologies for about $22.9 million, based on a weighted average price of $2,292 per token. The transaction shows the foundation continuing sizable ETH sales through direct deals rather than public exchange trading, a structure commonly used to reduce immediate market impact for large crypto transactions.

Terms & Concepts
  • OTC: Over-the-counter trading is a private transaction conducted directly between parties, often used for large crypto sales to limit slippage and visible exchange impact.
  • ETH: ETH is the native token of the Ethereum blockchain, used to pay network fees and support on-chain activity.
  • weighted average price: A weighted average price reflects the average execution price across a transaction, adjusted by the amount filled at each price level.