The Ethereum Foundation has finalized the sale of 10,000 ether to BitMine, a company led by Tom Lee, as part of its ongoing treasury management strategy. The transaction, which was executed over-the-counter, saw the foundation sell the ether at an average price of $2,292.15 per token, resulting in proceeds of roughly $22.9 million.
This sale follows a previous deal in March, in which the foundation sold 5,000 ETH to BitMine for approximately $10.2 million. The funds generated from these sales will be used to support the foundation's core operations, including research and development, ecosystem growth, and community grants.
The Ethereum Foundation's treasury management strategy involves periodically converting its ether holdings 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 institutional holder of ether, and underscores the deepening relationship between the Ethereum network's primary steward and a major buyer. The transaction is expected to be transferred from an Ethereum Foundation-controlled multisig wallet, in line with the foundation's push for greater transparency in its treasury activities.