The Ethereum Foundation has completed a transaction selling 10,000 ether (ETH) to BitMine Immersion Technologies, aligning with its ongoing treasury management approach.
This recent sale mirrors an earlier transaction in March, where the foundation offloaded 5,000 ETH to BitMine, generating approximately $10.2 million in revenue.
Key Points:
— The Ethereum Foundation concluded the sale of 10,000 ETH to BitMine at a mean price of $2,292.15 (~$22.9M), continuing its pattern of treasury adjustments following comparable deals earlier this year.
— Funds will support operational needs, including R&D initiatives and ecosystem grants, as part of its structured treasury management plan, executed through a publicly disclosed multisig wallet.
The Ethereum Foundation has once again disposed of 10,000 ether (ETH) via an over-the-counter arrangement with Tom Lee’s BitMine (BMNR), extending a series of treasury sales throughout the year.
In a Friday post on X, the organization confirmed the sale was finalized at an average price of $2,292.15 per token, resulting in approximately $22.9 million in proceeds. BitMine Immersion Technologies, a recurring purchaser, has increasingly functioned as a primary institutional accumulator of ETH from the foundation.
The most recent deal follows a comparable March transaction where the foundation sold 5,000 ETH to BitMine at roughly $2,042 per ETH, securing about $10.2 million.
Consistent with previous sales, the Ethereum Foundation stated that proceeds will support core operations & activities, including protocol research and development, ecosystem expansion, and community grants, reflecting a long-standing funding model for the organization.
The foundation noted that this transaction is part of its formal treasury management strategy, under which ETH holdings are periodically converted into fiat to sustain operating runway and minimize market impact. These deals are typically executed OTC to avoid disrupting spot markets.
Bitmine, led by Fundstrat’s Tom Lee, continues to engage in these transactions, emphasizing its expanding role as one of the largest corporate ETH holders. The firm has now participated in multiple direct purchases from the foundation this year, highlighting a deepening relationship between the network’s primary steward and a major institutional buyer.
The onchain transfer for the latest sale is expected to originate from an Ethereum Foundation-controlled multisig wallet, consistent with its recent efforts to enhance transparency around treasury activity.