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The Ethereum Foundation has completed another direct sale of its treasury holdings, transferring 5,000 Ether to publicly traded crypto treasury firm BitMine Immersion Technologies.
In a statement shared on social media, the Foundation confirmed the transaction occurred at an average price of $2,042.96 per $ETH, bringing the total value of the sale to just over $10.2 million. The organization said the move forms part of its broader treasury management strategy.
According to the Foundation, proceeds from the sale will support its operational priorities, including protocol research and development, ecosystem initiatives, and grant funding for community projects.
BitMine—whose board is chaired by market strategist Tom Lee—has steadily expanded its Ether reserves over the past year. As of early last week, the firm reported holdings of 4,534,563 $ETH, making it the largest known corporate Ethereum treasury. Based on recent market prices near $2,076, the company’s $ETH stockpile is valued at roughly $9.4 billion.
The purchase marks the second time the Foundation has directly sold $ETH to a treasury-focused firm. In July last year, it sold 10,000 $ETH—then worth around $30 million—to Sharplink, which currently ranks as the second-largest Ethereum treasury holder with approximately $1.75 billion in $ETH.
Despite significant market volatility, BitMine has continued accumulating the asset. The company disclosed earlier this week that it added nearly 61,000 $ETH over the previous seven days, a purchase worth about $123 million at the time.
Even so, the broader downturn in the crypto market has left many treasury firms underwater on paper. Ethereum has fallen about 58% since reaching a record high of $4,946 last August, meaning companies that accumulated large amounts of $ETH near the peak are currently sitting on substantial unrealized losses.
BitMine’s average acquisition costs—based partly on filings with the U.S. Securities and Exchange Commission—suggest the firm could be facing paper losses in the billions. Still, Lee and the company remain optimistic about the asset’s long-term trajectory.
In a recent update to investors, Lee argued that Ethereum has demonstrated resilience despite geopolitical tensions and rising energy prices, adding that the digital asset market may be approaching the final stages of a short-term downturn.
Market data shows Ethereum recovering modestly in recent weeks, climbing roughly 5% over the past seven days and about 9% over the last month.