The Ethereum Foundation has concluded an over-the-counter sale of 10,000 ether to BitMine, a company led by Tom Lee, marking a continuation of its treasury sales this year. The sale was finalized at an average price of $2,292.15 per token, resulting in proceeds of around $22.9 million. This transaction follows a similar sale in March, where the foundation sold 5,000 ETH to BitMine at approximately $2,042 per token, raising roughly $10.2 million. The funds from these sales will be used to support core operations, including protocol research and development, ecosystem growth, and community grants.
The Ethereum Foundation's treasury management strategy involves periodically converting 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 institutional holder of ETH, underscoring a deepening relationship between the network's primary steward and a key buyer. The on-chain transfer for this sale is expected to originate from an Ethereum Foundation-controlled multisig wallet, aligning with the foundation's recent efforts to increase transparency around its treasury activities.