The Ethereum Foundation has executed another significant treasury sale, offloading 10,000 ether (ETH) to BitMine Immersion Technologies in an over-the-counter transaction. The deal, announced on social media on Friday, fetched an average price of $2,292.15 per token, translating to approximately $22.9 million in proceeds.
This latest disposition marks another strategic treasury management move by the organization that oversees the Ethereum network. BitMine, led by Fundstrat's Tom Lee, has emerged as a repeat buyer in these transactions, positioning itself as a prominent institutional accumulator of ETH directly from the foundation.
The transaction follows a similar arrangement completed in March, when the foundation sold 5,000 ETH to BitMine at approximately $2,042 per token, generating roughly $10.2 million. The growing relationship between the foundation and BitMine highlights the firm's increasing role as one of the largest corporate holders of ether.
As with previous sales, the Ethereum Foundation has indicated that proceeds from this latest transaction will support core operations and activities. These include funding protocol research and development, driving ecosystem growth initiatives, and providing community grants—a long-established funding model that has supported the network's development since its early days.
The foundation has emphasized that this sale forms part of its formal treasury management strategy. Under this framework, ETH holdings are periodically converted into fiat currency to maintain operational runway and minimize market disruption. By executing these transactions over-the-counter rather than on public exchanges, the organization avoids placing downward pressure on ETH spot prices.
The onchain transfer for this sale is expected to originate from an Ethereum Foundation-controlled multisig wallet, reflecting the organization's recent commitment to greater transparency regarding its treasury activities. This approach allows stakeholders to verify the transaction while maintaining the discretion necessary for large-scale OTC deals.
BitMine's continued participation in these direct purchases from the foundation underscores the deepening relationship between Ethereum's primary steward and a major institutional buyer. The firm's accumulating position positions it favorably as institutional interest in ether continues to grow.
Read more: Bitmine to buy 10,000 ether for $23.9 million from the Ethereum Foundation
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