The Ethereum Foundation has sold another 10,000 ether (ETH) to Tom Lee's BitMine in an over-the-counter deal, continuing a series of treasury sales this year.
The foundation finalized the sale at an average price of $2,292.15 per token, raising approximately $22.9 million. The buyer was BitMine Immersion Technologies, a repeat institutional accumulator of ETH from the foundation.
This follows a March deal in which the foundation sold 5,000 ETH to BitMine at about $2,042 per ETH, raising roughly $10.2 million.
Ethereum Foundation said proceeds will fund core operations, including protocol research, ecosystem growth, and community grants. The transaction is part of its formal treasury management strategy, designed to convert ETH holdings into fiat to maintain operating runway while minimizing market impact via OTC deals.
BitMine, helmed by Fundstrat's Tom Lee, is now one of the largest corporate ETH holders and has deepened its relationship with the Ethereum Foundation through multiple direct purchases this year.