In its latest over-the-counter transaction, the Ethereum Foundation has sold 10,000 ether to BitMine, a company led by Tom Lee, for a total of roughly $22.9 million. The sale, which was finalized at an average price of $2,292.15 per token, is part of the foundation's ongoing treasury management strategy.
This approach involves periodically converting ETH holdings into fiat currency to maintain operational liquidity and minimize market disruption. The proceeds from the sale will be allocated towards core activities, including protocol research, ecosystem development, and community grants.
BitMine's repeated participation in these transactions underscores its growing role as a significant institutional holder of ETH. The foundation's decision to execute these deals over-the-counter is intended to avoid market disruption, while its use of a multisig wallet for on-chain transfers reflects its commitment to transparency in treasury management.