The Ethereum Foundation has finalized the sale of an additional 10,000 ether to BitMine, a company led by Tom Lee, in a private over-the-counter deal, marking another in a series of treasury sales this year. According to a recent post, the sale was concluded at an average price of $2,292.15 per token, resulting in proceeds of around $22.9 million. The buyer, BitMine Immersion Technologies, has become a significant institutional buyer of ETH from the foundation, having previously purchased 5,000 ETH in March at approximately $2,042 per token, yielding about $10.2 million. The foundation intends to allocate the proceeds from this sale towards essential operations, including research and development of the protocol, ecosystem growth, community grants, and other core activities, consistent with its established funding model.
This transaction is part of the foundation's systematic treasury management strategy, which involves periodic conversion of ETH holdings into fiat currency to maintain operational liquidity and minimize market impact. These transactions are typically conducted over-the-counter to avoid market disruption. BitMine's continued participation in these deals highlights its expanding role as a major corporate holder of ETH, underscoring a deepening relationship between the network's primary steward and a significant institutional buyer.
The on-chain transfer for this sale is anticipated to originate from a multisig wallet controlled by the Ethereum Foundation, aligning with its recent efforts to enhance transparency around treasury activities.