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 roughly $22.9 million. This transaction follows a previous sale in March, where the foundation sold 5,000 ETH to BitMine, raising around $10.2 million.
The funds generated from these sales will be allocated towards core operations, including protocol research and development, ecosystem growth, and community grants. As part of its treasury management strategy, the Ethereum Foundation periodically converts its ETH holdings into fiat currency to maintain its operating runway and minimize market impact. These transactions are typically executed over-the-counter to avoid disrupting spot markets. BitMine's participation in these sales highlights its growing role as a major corporate ETH holder, and its deepening relationship with the Ethereum Foundation.
The transfer is expected to originate from an Ethereum Foundation-controlled multisig wallet, aligning with the foundation's push for greater transparency in its treasury activities.