All news is verified and thoroughly reviewed by leading blockchain experts and seasoned industry insiders.
- The Ethereum Foundation sold 10,000 ETH to Bitmine in an over-the-counter transaction at an average price of $2,387.
- Bitmine, headed by Tom Lee, used the purchase to expand its Ethereum treasury as the foundation raised funds for operations and development.
The Ethereum Foundation has sold a new block of Ethereum, this time through a direct over-the-counter deal with Bitmine Immersion Technologies, the digital asset treasury company headed by Tom Lee.
In a statement issued on Friday, the institution said it closed the sale of 10,000 Ethereum at an average price of $2,387, and estimated the value of the transaction at just under $24 million.
The buyer was Bitmine, which has been steadily building up its ETH inventory and increasingly positioning itself as a digital asset-centric treasury rather than a traditional operator.
The Ethereum Foundation sells ETH to fund the core business
basis He said Proceeds from the sale will be used to support its core operations and activities, including protocol research and development, ecosystem development, and community grant funding.
This explanation is familiar, although it remains closely monitored every time it appears. Sales via Ethereum Foundation They tend to attract more attention than regular treasury movements because they lie at the intersection of governance, ecosystem signals, and market sentiment.
When you sell the organization EthereumEven for operational reasons, traders often read it looking for clues about timing and internal confidence, whether that interpretation is fair or not.
In this case, the structure may be as important as the sale itself. An OTC trade avoids the optics and market friction of selling on the open market, which helps reduce immediate pressure on the exchange’s order books.
Bitmine continues to add to its ether treasury
For Bitmine, the purchase represents another step in a broader accumulation strategy. The company said it added to its ETH treasury, suggesting that the deal was not so much opportunistic as part of an ongoing build-up of the balance sheet.
This fits the model Bitmine tends towards. Companies like these increasingly want to become publicly visible stewards of cryptocurrency exposure, using treasury accumulation to give investors indirect access to the asset class through shares.
So, while the seller here was the Ethereum Foundation and the stated purpose was to fund development, the other side of the transaction has the same meaning. Institutional-style buyers are still willing to directly absorb large blocks of ETH, and this indicates where demand continues to exist even when the source of supply is one of the most closely monitored wallets in the ecosystem.
