Headline: Ethereum Foundation sells 10,000 ETH to Tom Lee’s BitMine in latest treasury move
The Ethereum Foundation has completed an over‑the‑counter sale of 10,000 ether (ETH) to BitMine Immersion Technologies, the institutional buyer run by Fundstrat co‑founder Tom Lee. The foundation said the deal settled at an average price of $2,292.15 per token, generating roughly $22.9 million in proceeds.
This transaction is the latest in a series of treasury conversions this year and follows a March OTC sale in which the foundation sold 5,000 ETH to BitMine at about $2,042 per token (roughly $10.2 million). Together, the two direct purchases account for at least 15,000 ETH moved from the foundation to the same counterparty in 2026.
Proceeds from the sale, the Ethereum Foundation said, will fund core operations—protocol research and development, ecosystem growth initiatives, and community grants—continuing its long‑standing funding model. The foundation framed the transfer as part of its formal treasury management strategy: periodically converting ETH into fiat to preserve operating runway while minimizing market impact. Executing these swaps OTC is intended to avoid pressure on spot markets.
BitMine’s repeat participation underscores its growing role as a major corporate accumulator of ETH and highlights a deepening relationship between the network’s primary steward and an institutional buyer. The foundation also indicated the on‑chain transfer will originate from an Ethereum Foundation‑controlled multisig wallet, reflecting its recent efforts to increase transparency around treasury activity.
Why it matters: the deal signals continued institutional appetite for ETH and illustrates how the Ethereum Foundation is balancing operational funding needs with market stewardship—opting for OTC routes and controlled conversions to protect the broader market from sudden supply shocks.
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