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 finalized the sale at an average price of $2,292.15 per token, implying proceeds of roughly $22.9 million. The counterparty was BitMine Immersion Technologies, a repeat buyer that has increasingly acted as a key institutional accumulator of ETH from the foundation.
The latest transaction follows a similar March deal in which the foundation sold 5,000 ETH to BitMine at about $2,042 per ETH, raising roughly $10.2 million.
Like prior sales, the Ethereum Foundation said proceeds will go toward core operations & activities, including protocol research and development, ecosystem growth and community grants, a longstanding funding model for the organization.
The foundation added that the transaction is part of its formal treasury management strategy, under which ETH holdings are periodically converted into fiat to maintain operating runway and reduce market impact. These deals are typically executed OTC to avoid disrupting spot markets.
Bitmine, which is helmed by Fundstrat’s Tom Lee, continues to participate in these transactions, which underscores its growing role as one of the largest corporate ETH holders. The firm has now taken part 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, in line with its recent push for greater transparency around treasury activity.
Read more: Bitmine to buy 10,000 ether for $23.9 million from the Ethereum Foundation