The Ethereum Foundation has finalized the sale of 10,000 ether to BitMine Immersion Technologies at an average price of $2,292.15 per token, resulting in proceeds of roughly $22.9 million. This over-the-counter transaction is the latest in a series of treasury sales by the foundation this year. The buyer, BitMine, has become a key institutional accumulator of ETH, having participated in multiple direct purchases from the foundation.
The proceeds from the sale will be used to support core operations, including protocol research and development, ecosystem growth, and community grants. The foundation's treasury management strategy involves periodic conversion of ETH holdings into fiat currency to maintain operating runway and minimize market impact.
This deal underscores BitMine's growing role as one of the largest corporate ETH holders and highlights its deepening relationship with the Ethereum Foundation. The transaction is expected to be executed from an Ethereum Foundation-controlled multisig wallet, in line with the foundation's push for greater transparency around treasury activity.