The Ethereum Foundation sold another 10,000 ether (ETH) via an over-the-counter transaction to Tom Lee’s BitMine (BMNR), continuing a series of Treasury sales this year.
The final sale price was $2,292.15 per token, meaning proceeds of approximately $22.9 million, the group said in a post on Friday X. The counterparty is BitMine Immersion Technologies, a repeat buyer that has increasingly acted as a key institutional accumulator of ETH since the foundation’s inception.
The latest transaction follows a similar transaction in March, when the foundation sold 5,000 ETH to BitMine for approximately $2,042 per ETH, raising approximately $10.2 million.
As with previous sales, the Ethereum Foundation said proceeds will be used for core operations and activities, including protocol research and development, ecosystem development and community grants, which is the organization’s long-term funding model.
The foundation added that the transaction is part of its formal financial management strategy, under which ETH holdings are regularly converted to fiat currency to maintain operational runway and reduce market impact. These trades are typically traded over the counter to avoid disrupting the spot market.
Bitmine, helmed by Fundstrat’s Tom Lee, continues to participate in these transactions, underscoring its growing position as one of the largest corporate holders of ETH. The firm has been involved in a number of direct purchases by the foundation this year, underscoring the deepening relationship between the network’s key managers and major institutional buyers.
On-chain transfers for the latest sale are expected to come from multi-signature wallets controlled by the Ethereum Foundation, in line with its recent push to increase transparency in financial activities.
Read more: Bitmine buys 10,000 Ether from Ethereum Foundation for $23.9M
