Ethereum Foundation Offloads 10,000 ETH to BitMine in Strategic Treasury Sale

The Ethereum Foundation has completed the sale of 10,000 ether (ETH) to BitMine Immersion Technologies, continuing its periodic divestment of assets to support operational costs. The transaction was executed as an over-the-counter (OTC) deal, a method specifically chosen to convert holdings into fiat currency without triggering significant volatility on spot exchanges. According to the organization, the sale was finalized at an average price of $2,292.15 per token, generating approximately $22.9 million in proceeds. These funds are earmarked for the foundation's core operations, including protocol research and development, ecosystem growth, and the administration of community grants. This latest move follows a similar transaction in March, during which the foundation sold 5,000 ETH to BitMine at an average price of $2,042 per token, raising roughly $10.2 million. The repeat nature of these deals highlights the growing role of BitMine, led by Fundstrat's Tom Lee, as a key institutional accumulator of the asset. To maintain transparency, the foundation indicated that the on-chain transfer will originate from a controlled multisig wallet. This aligns with the organization's stated treasury management strategy to maintain a sustainable operating runway while reducing the potential for market disruption.