The Ethereum Foundation sold an additional 10,000 ether (ETH) in an over-the-counter deal to Tom Lee’s BitMine (BMNR), continuing a string of treasury sales this year.
In a post on X on Friday, the organization said it completed the sale at an average price of $2,292.15 per token, implying proceeds of approximately $22.9 million. The counterparty was BitMine Immersion Technologies, a regular buyer that increasingly acts as a key institutional accumulator of the foundation’s ETH.
The latest transaction follows a similar deal in March in which the foundation sold 5,000 ETH to BitMine at around $2,042 per ETH, raising around $10.2 million.
As with previous sales, the Ethereum Foundation said proceeds would go toward core operations and activities, including protocol research and development, ecosystem growth, and community grants, a long-standing funding model for the organization.
The foundation added that the transaction is part of its formal treasury management strategy, whereby ETH holdings are periodically converted to fiat to maintain operational runway and reduce market impact. These transactions are typically executed over-the-counter to avoid disrupting spot markets.
Bitmine, led by Tom Lee of Fundstrat, continues to participate in these transactions, underscoring its growing role as one of the largest holders of enterprise ETH. The company has now participated in several direct purchases from the foundation this year, highlighting the deepening relationship between the network’s primary steward and a major institutional buyer.
The on-chain transfer for the latest sale is expected to come from a multisig wallet controlled by the Ethereum Foundation, in line with its recent campaign for greater transparency around treasury activities.
Read more: Bitmine to buy 10,000 Ether for $23.9 million from the Ethereum Foundation
