The Ethereum Foundation has completed an over-the-counter sale involving 5,000 ETH to Bitmine, a noteworthy Ethereum treasury firm. This sale was executed at an average price of $2,042.96 and serves as a strategic move for the Foundation to bolster its ongoing activities.
In light of this transaction, the proceeds will assist the Ethereum Foundation in supporting protocol research and development, fostering ecosystem growth, and funding community grant programs. Currently, the Foundation retains a treasury of around 170,000 ETH, estimated at roughly $356 million.
In a noteworthy pivot, the Ethereum Foundation has actively engaged in staking its ETH holdings, starting with 2,016 ETH in February and aiming to stake about 70,000 ETH in total. This decision aligns with the growing trend among entities looking to generate passive income from their cryptocurrency investments.
On the other hand, Bitmine has rapidly built its Ethereum holding since launching its treasury strategy last June. With holdings surpassing 4.5 million ETH, currently valued at $9.5 billion, Bitmine has also staked over 3 million ETH, generating annual staking revenues approaching $174 million. This figure is projected to rise to $259 million when fully operational through its upcoming MAVAN validator network.
In conjunction with these developments, the Ethereum Foundation has unveiled the EF Mandate, outlining its mission and principles. The Foundation emphasizes its commitment to user self-sovereignty while ensuring that the Ethereum network remains censorship-resistant, open source, and secure. Importantly, the Foundation acknowledges that it functions as a steward among many and not as the authoritative body governing the network.