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, where 5,000 ETH were sold to BitMine for approximately $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 employs a treasury management strategy, which involves periodically converting ETH into fiat currency to maintain its operating budget 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 significant corporate holder of ETH, and its deepening relationship with the Ethereum Foundation. The transaction is expected to be transferred from a multisig wallet controlled by the Ethereum Foundation, in line with its efforts to increase transparency around its treasury activities.