The Ethereum Foundation announced that it had completed the sale of 5,000 units. $ETH In the over-the-counter (OTC) market.
Sales were held at an average price of $2,042.96, according to a statement from the foundation. $ETH.
The statement indicated that the OTC counterparty to the transaction was crypto investment company Bitmine. Such over-the-counter trading is typically preferred to limit price fluctuations in the market and prevent large sell-offs from having sudden price impacts on exchanges.
Bitmine is known for continuously accumulating $ETHsimilar to Michael Saylor’s strategy firm, the company has no plans to sell $ETH Anytime and immediately. Therefore, this sale by the Ethereum Foundation will not cause any selling pressure in the market, at least for now.
The Ethereum Foundation said proceeds from the sale will be used to fund the organization’s core business and activities, including protocol research and development, ecosystem development programs, community grants, and other support programs. The Foundation also argued that the transaction was part of normal financial management activities conducted in accordance with previously published financial management policies.
*This is not investment advice.