The Ethereum Foundation has finalized the sale of 10,000 ether to Tom Lee's BitMine, marking the latest in a series of treasury sales this year. 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 deal in March, where the foundation sold 5,000 ETH to BitMine at approximately $2,042 per ETH, raising around $10.2 million. The proceeds from these sales will be used to support core operations, including protocol research and development, ecosystem growth, and community grants. As part of its treasury management strategy, the Ethereum Foundation periodically converts 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, led by Tom Lee, has participated in multiple direct purchases from the foundation, highlighting its growing role as a significant corporate ETH holder. The on-chain transfer for this sale is expected to originate from an Ethereum Foundation-controlled multisig wallet, aligning with the foundation's push for greater transparency in its treasury activities.