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 follows a previous sale in March, where the foundation sold 5,000 ETH to BitMine at approximately $2,042 per token, raising around $10.2 million. The funds from these sales will be used to support the foundation's core operations, including research and development, ecosystem growth, and community grants.
The Ethereum Foundation's treasury management strategy involves periodically converting ETH holdings into fiat currency to maintain its operating runway and minimize market impact. BitMine's participation in these transactions highlights its growing role as a major institutional holder of ETH. The sale is part of the foundation's efforts to increase transparency around its treasury activities, with the on-chain transfer expected to originate from a foundation-controlled multisig wallet.