The Ethereum Foundation sold another 10,000 ether (ETH) in an over-the-counter deal to Tom Lee’s BitMine (BMNR), continuing a series of treasury sales this year.
In a post on The counterparty was BitMine Immersion Technologies, a repeat buyer that has increasingly acted as a key institutional accumulator of ETH since founding.
The latest transaction follows a similar deal from March in which the foundation sold 5,000 ETH to BitMine at approximately $2,042 per ETH, raising approximately $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 foundation added that the transaction is part of its formal treasury management strategy, under which ETH holdings are periodically converted into fiat money to maintain operational runway and reduce market impact. These deals are typically executed OTC to avoid disrupting spot markets.
Bitmine, led by Fundstrat’s Tom Lee, continues to participate in these transactions, underscoring its growing role as one of the largest corporate holders of ETH. The company has been involved in multiple direct purchases from the foundation this year, highlighting a deepening relationship between the network’s lead administrator and a major institutional buyer.
The on-chain transfer for the latest sale is expected to originate from a multi-signature wallet controlled by the Ethereum Foundation, in line with its recent push for greater transparency around treasury activity.
Read more: Bitmine will buy 10,000 ether for $23.9 million from the Ethereum Foundation
