The Ethereum Foundation has carried out its third over-the-counter sale of ETH to BitMine Immersion Technologies, continuing a series of transactions tied to treasury management, according to Foundation’s latest announcement on X.
In the latest deal, BitMine acquired 10,000 ETH at an average price of $2,292, totaling approximately $22.9 million. The transaction follows a similar sale one week earlier, where another 10,000 ETH was sold at $2,387 per coin.
The relationship between the two parties dates back to March, when BitMine first purchased 5,000 ETH at roughly $2,043.
According to the foundation, these sales are part of “treasury management activities” in line with previously published policy: “This sale funds the EF’s core operations & activities, including protocol R&D, ecosystem development, community grant funding and more.”
BitMine expands position as top ETH treasury holder
Across these transactions, the Ethereum Foundation has sold tens of millions of dollars worth of ETH to BitMine, including around $47 million in sales over the past week alone.
Chaired by Tom Lee, BitMine has emerged as the largest Ethereum treasury company by holdings, with nearly 5 million ETH. The firm recently added over 101,000 ETH in its biggest weekly accumulation of the year, further consolidating its position.
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As BitMine appears to be gradually staking all its holdings, the company has further reaffirmed its confidence in the world’s second-largest crypto asset, and it appears that it is not willing to opt out in the near term.
The foundation has faced scrutiny in the past over ETH sales, and has taken steps to balance this by staking portions of its holdings, aiming to manage liquidity while maintaining long-term network alignment.
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