Key Highlights
The Ethereum Foundation sold 10,000 ETH to Tom Lee's BitMine at an average price of $2,292 per token, raising approximately $22.9 million in its third OTC deal with the company.
Total ETH sold by the Ethereum Foundation to BitMine across three transactions now stands at approximately $47 million, covering sales in March, April, and May 2026.
The Foundation stated that proceeds will fund protocol research and development, ecosystem grants, and core operations as part of its formal treasury management strategy.
The Ethereum Foundation finalized the sale of 10,000 ETH to BitMine on May 1 at an average price of $2,292.15 per token, generating approximately $22.9 million. The transaction is the third OTC deal between the two parties and brings the total volume of ETH sold to BitMine to roughly $47 million.
The two earlier transactions included a March sale of 5,000 ETH at approximately $2,042 per token, raising around $10.2 million, and an April sale of 10,000 ETH worth approximately $24 million. Across all three deals, as reported that the Foundation has now transferred a combined 25,000 ETH to BitMine.
BitMine is led by Fundstrat's Tom Lee and has emerged as one of the largest corporate holders of ETH through its participation in these structured OTC purchases. The company continues to acquire ETH outside of public markets, a strategy that avoids the price impact of open-market buying and provides the Foundation with predictable liquidity.
The Ethereum Foundation stated that proceeds from the transactions are directed toward core operations, protocol research and development, and ecosystem grants. The Foundation described the sales as part of a formal treasury management strategy under which ETH holdings are periodically converted to fiat to maintain operating runway and reduce market impact. The Foundation has not disclosed a target reserve level or a timeline for future disposals.
