The Ethereum Foundation has concluded 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 finalized at an average price of $2,292.15 per token, resulting in proceeds of roughly $22.9 million. This transaction follows a pattern of treasury sales by the foundation this year.
In March, a similar deal saw the foundation sell 5,000 ETH to BitMine at approximately $2,042 per ETH, raising around $10.2 million. The proceeds from these sales will be allocated towards core operations, including research and development, ecosystem growth, and community grants, in line with the foundation's established funding model. The Ethereum Foundation has stated that this transaction is part of its treasury management strategy, which involves periodic conversions of ETH to fiat currency to maintain operational liquidity and minimize market impact.
These transactions are typically executed over-the-counter to avoid disrupting spot markets. BitMine's continued participation in these sales highlights its growing role as a significant corporate holder of ETH, underscoring a deepening relationship between the network's primary steward and a major institutional buyer. The on-chain transfer for this sale is expected to originate from a multisig wallet controlled by the Ethereum Foundation, consistent with its recent efforts to enhance transparency around treasury activities.