BitMine Immersion Technologies bought 10,000 ETH from the Ethereum Foundation for $23 million in an over-the-counter transaction at $2,292.15 per ETH. This follows a similar sale the prior week and a March deal, with proceeds supporting Ethereum operations, R&D, ecosystem grants, and community initiatives.
The Ethereum Foundation announced the sale of 10,000 ETH to BitMine—a treasury firm led by Fundstrat's Tom Lee—finalized Friday via OTC at an average $2,292.15 per token, totaling ~$22.9 million. The onchain transfer will come from a foundation multisig wallet for transparency.
This marks the second consecutive weekly EF sale to BitMine, after last week's similar transaction (initially reported by Decrypt at ~$23M). A March deal saw 5,000 ETH sold at ~$2,042 each for $10.2M. BitMine continues as a major institutional buyer, deepening ties with the Foundation.
Proceeds fund core operations, protocol R&D, ecosystem growth, and grants, aligning with the Foundation's treasury strategy to convert ETH to fiat periodically, minimizing market impact.
