The Ethereum Foundation has finalized the sale of an additional 10,000 ether to BitMine, a company led by Tom Lee, in an over-the-counter transaction, marking a continuation of its treasury sales this year. According to a post on Friday, the sale was finalized at an average price of $2,292.15 per token, resulting in proceeds of around $22.9 million. The buyer, BitMine Immersion Technologies, has been a repeat purchaser and has been accumulating ETH from the foundation.
The transaction follows a similar sale in March where 5,000 ETH were sold to BitMine at approximately $2,042 per ETH, raising around $10.2 million. The proceeds from these sales will be used to support the foundation's 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 into fiat currency to maintain its operating runway and minimize market impact. These transactions are typically executed over-the-counter to avoid disrupting the spot market.
BitMine's continued participation in these sales highlights its growing role as a major corporate holder of ETH. The on-chain transfer for this sale is expected to originate from an Ethereum Foundation-controlled multisig wallet, aligning with the foundation's recent efforts to increase transparency around its treasury activities.