The Ethereum Foundation completed a $10.2 million OTC sale of 5,000 ETH to BitMine as part of its treasury management strategy to fund operations and ecosystem development. The Ethereum Foundation has finalized an over-the-counter (OTC) sale of 5,000 Ether to BitMine Immersion Technologies, a transaction worth about $10.2 million based on the agreed price of $2,042.96 per ETH. In a Saturday post on X, the foundation said proceeds from the sale will support core operations, including protocol research and development, ecosystem growth initiatives and community grant programs. The onchain transfer will originate from an Ethereum Foundation Safe multisignature wallet. BitMine, a publicly traded company on the NYSE American under the ticker BMNR, has emerged as one of the largest corporate holders of Ether (ETH). Chaired by Fundstrat co-founder Tom Lee, the firm holds more than 4.5 million ETH worth roughly $9.3 billion, according to industry treasury trackers. Read more
Santiment says the recent uptick in Bitcoin whale accumulation is a "positive reversal," and the platform is watching for retail selling to confirm a potential market bottom. Large Bitcoin wallets are increasing their holdings again as the asset’s price holds around $71,000, according to crypto sentiment platform Santiment. “Their recent shift to accumulation is a bullish signal,” Santiment said in a report on Saturday, referring to wallets holding between 10 and 10,000 Bitcoin (BTC). “This is a positive reversal,” Santiment added. Santiment data shows wallets holding 10 to 10,000 Bitcoin (BTC) now control 68.17% of Bitcoin’s total supply, up from 68.07% seven days earlier. Read more
A man walks past scores of gas cylinders, while LPG (right) is filled at a shop in North Nazimabad. —Fahim Siddiqi / White Star KARACHI: Following the suspension of supply of liquefied natural gas (LNG) from Qatar due to Iran’s blockade of the Strait of Hormuz, the city’s gas crisis has worsened amid Ramazan’s peak demand, leaving fasting residents struggling during crucial Sehri and Iftar hours. Meanwhile, the Sui Southern Gas Company (SSGC) has introduced an unannounced supply schedule, compounding the peoples’ problems. Since the war has broken in Iran around two weeks ago, Karachi’s households have been struggling to cope with the worsening gas shortage across the city. A senior SSGC official, who preferred to be unnamed, told Dawn that the overall gas supply situation needed a lot of “adjustment” following the suspension of LNG supply from Qatar, adding that the gas utility had so far “successfully” managed to ensure gas supplies during Sehri and Iftar. However, with low gas pressure and disrupted supply...