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, in which the foundation sold 5,000 ETH to BitMine at a price of approximately $2,042 per token, raising around $10.2 million. The foundation will use the proceeds from the sale to support its 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 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 foundation has emphasized its commitment to transparency, with the on-chain transfer for the latest sale expected to originate from a multisig wallet controlled by the Ethereum Foundation.