The Ethereum Foundation has finalized the sale of 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 roughly $22.9 million. This transaction is the latest in a series of treasury sales conducted by the foundation this year. The funds raised will be used to support core operations, including research and development, ecosystem growth, and community grants.
The sale is part of the foundation's treasury management strategy, which involves periodically converting ETH holdings into fiat currency to maintain operational liquidity and minimize market impact. BitMine, which has participated in multiple direct purchases from the foundation, continues to play a significant role as a major institutional buyer of ETH. The transaction is expected to be executed from an Ethereum Foundation-controlled multisig wallet, aligning with the foundation's efforts to increase transparency around its treasury activities.