The Ethereum Foundation has finalized a major over-the-counter sale of 10,000 ether to Bitmine Immersion Technologies, further strengthening the firm’s position as one of the largest holders of the cryptocurrency.

The transaction was completed at an average price of $2,387 per ETH, bringing the total value of the deal to just under $24 million. Bitmine, a publicly listed digital asset treasury company chaired by Tom Lee, confirmed the purchase as part of its ongoing accumulation strategy.

In a statement shared on X, the Ethereum Foundation said the proceeds will be used to support its core activities. These include protocol research and development, ecosystem expansion, and funding for community grants.

The sale follows another recent move by the foundation, which saw approximately $11 million worth of ETH converted into stablecoins. Those funds were similarly directed toward research initiatives, grant programs, and broader ecosystem support.

For Bitmine, the acquisition adds to an already substantial treasury. Earlier this week, the company reported holdings of 4,976,485 ETH – representing about 4.12% of the total ether supply – after purchasing an additional 101,627 ETH. The latest deal further cements its position as the largest known Ethereum treasury holder.

This is not the first transaction between the two entities. Last month, Bitmine spent roughly $10 million to acquire 5,000 ETH directly from the Ethereum Foundation.

Historically, the foundation’s periodic ETH sales have drawn scrutiny from parts of the crypto community, with critics questioning their impact on market dynamics. In response, the organization has outlined plans to reduce reliance on direct sales. These include deploying capital into decentralized finance (DeFi) protocols and staking ETH to generate sustainable income.

As part of that strategy, the Ethereum Foundation allocated 50,000 ETH to its DeFi ecosystem wallet in January 2025, marking a shift toward more diversified funding mechanisms while continuing to support long-term development of the network