The Ethereum Foundation has executed another sale of 10,000 ether (ETH) through an over-the-counter transaction with Tom Lee’s BitMine (BMNR), continuing its series of treasury sales this year. According to a post on X Friday, the foundation sold the tokens at an average price of $2,292.15 each, generating approximately $22.9 million in proceeds. The buyer was BitMine Immersion Technologies, which has frequently purchased ETH from the foundation and is becoming a major institutional accumulator.
This sale follows a similar March transaction where 5,000 ETH were sold to BitMine at roughly $2,042 per token, resulting in about $10.2 million. As with previous sales, the proceeds will support core operations such as protocol research and development, ecosystem growth, and community grants, aligning with the foundation’s traditional funding model.
The Ethereum Foundation stated that this transaction is part of its official treasury management strategy. This approach involves periodically converting ETH holdings into fiat currency to ensure operational stability and minimize market impact. Such deals are typically conducted OTC to prevent disruption in spot markets.
BitMine, led by Fundstrat’s Tom Lee, continues to engage in these transactions, emphasizing its role as one of the largest corporate holders of ETH. The firm has participated in several direct purchases from the foundation this year, indicating a strengthening relationship between Ethereum’s primary steward and a significant institutional buyer.
The on-chain transfer for this sale is anticipated to originate from an Ethereum Foundation-controlled multisig wallet, reflecting the organization’s recent focus on enhancing transparency around its treasury activities.