The Ethereum Foundation has sold another 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 about $22.9 million. The counterparty was BitMine Immersion Technologies, a repeat buyer that has increasingly served as a central institutional accumulator of ETH since its founding.
The latest transaction follows a similar deal in March, when the fund sold 5,000 ETH to BitMine at around $2,042 per share. ETH, raising about $10.2 million.
Like previous sales, the Ethereum Foundation said the proceeds will 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 fund added that the transaction is part of its formal treasury management strategy, where ETH holdings are periodically converted to fiat to maintain operating trajectory and reduce market impact. These trades are typically executed OTC to avoid disrupting the spot markets.
Bitmine, which is managed by Fundstrat’s Tom Lee, continues to participate in these transactions, underscoring its growing role as one of the largest corporate ETH holders. The firm has now participated in several outright purchases from the fund this year, highlighting a deepening relationship between the network’s primary manager and a major institutional buyer.
The onchain transfer for the latest sale is expected to originate from an Ethereum Foundation-controlled multisig wallet, in line with its recent push for greater transparency around treasury activity.
Read more: Bitmine buys 10,000 ether for $23.9 million from Ethereum Foundation
