The Ethereum Foundation has finalized the sale of an additional 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 around $22.9 million. This transaction is the latest in a series of treasury sales by the foundation this year.
The proceeds from the sale will be used to support the foundation's core operations, including research and development of the protocol, ecosystem growth, and community grants. The sale is part of the foundation's treasury management strategy, which involves periodically converting ETH into fiat currency to maintain its operating budget and minimize market impact. The transaction was executed over-the-counter to avoid disrupting the spot market.
BitMine's participation in this and previous transactions highlights its increasing role as a major institutional holder of ETH. The foundation has emphasized its commitment to transparency in its treasury activities, with the on-chain transfer for this sale expected to originate from a foundation-controlled multisig wallet.