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. The sale was made at an average price of $2,292.15 per token, resulting in proceeds of around $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 ETH, 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 stated that this sale is part of its treasury management strategy, which involves periodically converting ETH into fiat currency to maintain its operating runway and minimize market impact. These transactions are typically conducted over-the-counter to avoid disrupting the spot market. BitMine's participation in these sales highlights its growing role as a major corporate holder of ETH, with the company having taken part in multiple direct purchases from the foundation this year.
The transfer of the latest 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.