The Ethereum Foundation has concluded an over-the-counter sale of 10,000 ether to BitMine, a company led by Tom Lee, as a continuation of its treasury sales this year. According to an announcement on Friday, the sale was finalized at an average price of $2,292.15 per token, resulting in proceeds of approximately $22.9 million. BitMine Immersion Technologies, the counterparty, has been a repeat buyer and has become a significant institutional accumulator of ETH from the foundation. This transaction follows a similar deal in March, where the foundation sold 5,000 ETH to BitMine at about $2,042 per ETH, raising roughly $10.2 million.
The proceeds from these sales will be used to support the foundation's core operations, including protocol research and development, ecosystem growth, and community grants. The Ethereum Foundation has stated that this sale is part of its treasury management strategy, which involves periodically converting ETH holdings into fiat currency to maintain its operating runway and minimize market impact. These transactions are typically executed over-the-counter to avoid disrupting spot markets. BitMine's continued participation in these deals highlights its growing role as one of the largest corporate holders of ETH.
The company has now participated in multiple direct purchases from the foundation this year, underscoring a deepening relationship between the network's primary steward and a major institutional buyer. The on-chain transfer for this sale is expected to originate from an Ethereum Foundation-controlled multisig wallet, consistent with the foundation's recent efforts to increase transparency around its treasury activities.