The Ethereum Foundation has concluded the sale of an additional 10,000 ether to BitMine, a company led by Tom Lee, in an over-the-counter transaction. This sale, finalized at an average price of $2,292.15 per ether, resulted in proceeds of roughly $22.9 million.
BitMine Immersion Technologies, the counterparty in this transaction, has been a repeat buyer and has played a significant role in accumulating ether from the foundation. The Ethereum Foundation stated that the funds from this sale will be allocated towards core operations, including protocol research and development, ecosystem growth, community grants, and other activities. This transaction is part of the foundation's treasury management strategy, which involves periodic conversions of ether into fiat currency to maintain operational capacity and minimize market impact. These sales are typically conducted over-the-counter to avoid market disruption.
The participation of BitMine, led by Tom Lee, underscores its growing position as a major corporate holder of ether, with the firm having taken part in multiple direct purchases from the foundation this year. The transaction is expected to be transferred from an Ethereum Foundation-controlled multisig wallet, aligning with the foundation's push for greater transparency in its treasury activities.