Bitmine Immersion Technologies has added to its ETH stockpile as the Ethereum Foundation said Friday it sold 10,000 ether to fund operations and development.
"The Ethereum Foundation finalized the terms of a 10,000 ETH sale at an average price of $2,387" in an over-the-counter deal with Bitmine, the digital asset treasury led by Chairman Tom Lee.
"This sale funds the EF’s core operations & activities, including protocol R&D, ecosystem development, community grant funding and more," the foundation said in a post to X.
The nearly $24 million sale follows the Ethereum Foundation converting about $11 million worth of ether to stablecoins to fund research and development, grant programs, and other ecosystem activities.
With the deal, the world's largest Ethereum treasury has added to its growing stockpile. Earlier this week, the publicly-listed company said it held 4,976,485 ETH, equal to 4.12% of ether’s supply, after buying 101,627 ether.
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Bitmine also spent about $10 million when it bought 5,000 ETH from the Ethereum Foundation last month.
In the past, the Ethereum Foundation has faced criticism for recurring ETH sales to fund operations. Last year, the foundation unveiled plans to limit ETH sales, including by deploying capital in DeFi protocols and staking ETH to generate income.
The foundation seeded its DeFi Ecosystem wallet with 50,000 ETH in January 2025.
Ethereum had declined about 1% to trade at $2,315.26 as of 11:34 a.m. ET on Friday, according to The Block's price page.
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