The Ethereum Foundation has finalized the sale of 10,000 ether to BitMine, a company led by Tom Lee, in an over-the-counter transaction. The sale was made at an average price of $2,292.15 per token, resulting in proceeds of approximately $22.9 million.
This transaction follows a previous sale in March where the foundation sold 5,000 ETH to BitMine for roughly $10.2 million. The funds from these sales will be used to support the foundation's core operations, including research and development, ecosystem growth, and community grants.
The sale is part of the foundation's treasury management strategy, which involves periodically converting ETH into fiat currency to maintain its operating budget and minimize market impact. BitMine's participation in these transactions highlights its growing role as a significant corporate holder of ETH, and its deepening relationship with the Ethereum Foundation.
The transfer is expected to be made from a multisig wallet controlled by the Ethereum Foundation, as part of its efforts to increase transparency around its treasury activities.