Ethereum Foundation Completes Sale of 10,000 Ether to Tom Lee’s BitMine, Continuing Treasury Management Strategy
May 1, 2026 — The Ethereum Foundation has finalized a large over-the-counter (OTC) transaction, selling 10,000 ether (ETH) to BitMine Immersion Technologies (BitMine), a prominent institutional buyer led by Fundstrat’s Tom Lee. The sale was conducted at an average price of $2,292.15 per ETH, totaling approximately $22.9 million.
This latest transaction marks another step in the Ethereum Foundation’s ongoing strategy to manage its treasury holdings by periodically converting ether into fiat currency to support its operational budget. The proceeds from this sale are earmarked to fund core initiatives, including protocol research and development, ecosystem growth, and community grants.
Background on the Treasury Sales
Earlier this year, in March, the Foundation completed a similar sale of 5,000 ETH to BitMine at around $2,042 per token, raising about $10.2 million. These regular sales are part of a formal treasury management approach designed to maintain the Foundation’s financial runway and reduce potential market disruption by conducting transactions primarily through OTC agreements rather than on public exchanges.
BitMine’s Growing Role as a Key Institutional Accumulator
BitMine has become a significant institutional holder of Ether, consistently purchasing large amounts directly from the Foundation. This ongoing relationship exemplifies BitMine’s expanding influence within the Ethereum ecosystem as a corporate investor. The use of a disclosed multisignature wallet controlled by the Ethereum Foundation for the onchain transfer underscores the commitment to transparency surrounding treasury activity.
Funding Ethereum’s Future
The funds raised through these sales are integral to the Ethereum Foundation’s operations, supporting vital work on protocol upgrades and ecosystem support programs. Maintaining a balance between holding ETH assets and liquid fiat ensures the Foundation’s ability to effectively steward Ethereum’s development without exerting undue pressure on the market.
Summary
- Ethereum Foundation sold 10,000 ETH (~$22.9M) to BitMine at $2,292.15 per token.
- This follows a March sale of 5,000 ETH (~$10.2M) to the same buyer.
- Proceeds fund research, development, and ecosystem growth.
- Sales are part of a treasury management strategy to maintain operations and limit market impact.
- Transactions are conducted OTC from a multisignature Ethereum Foundation wallet for better transparency.
- BitMine, led by Tom Lee, continues to accumulate ETH and deepen its institutional presence.
As Ethereum develops further in 2026, the Foundation’s steady treasury management and partnership with key institutional players like BitMine will remain crucial in supporting the network’s growth and innovation.
Reported by Margaux Nijkerk, Edited by Stephen Alpher for CoinDesk