In its latest over-the-counter transaction, the Ethereum Foundation has sold 10,000 ether to BitMine, a company led by Tom Lee, marking a continuation of its treasury sales for the year. The sale was finalized at an average price of $2,292.15 per token, resulting in proceeds of around $22.9 million. This deal follows a pattern similar to the one in March, where the foundation sold 5,000 ETH to BitMine at approximately $2,042 per ETH, generating roughly $10.2 million.
The foundation intends to use the proceeds from this sale to support its core operations, including research and development of the protocol, growth of the ecosystem, and community grants, which is a long-standing funding model. As part of its treasury management strategy, the Ethereum Foundation periodically converts its ETH holdings into fiat currency to maintain its operational runway and minimize market impact, with these transactions typically being executed over-the-counter to avoid disrupting spot markets. BitMine's participation in these transactions highlights its increasing role as a significant corporate holder of ETH, having now been involved in multiple direct purchases from the foundation this year.
The transfer for this sale is expected to come from a multisig wallet controlled by the Ethereum Foundation, aligning with its recent efforts to increase transparency around its treasury activities.