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. The sale was made at an average price of $2,292.15 per token, resulting in proceeds of around $22.9 million.
This transaction is the latest in a series of treasury sales conducted by the foundation this year. The buyer, BitMine Immersion Technologies, has previously purchased ETH from the foundation, including a similar deal in March where 5,000 ETH were sold at approximately $2,042 per token, raising around $10.2 million. The funds generated from these sales will be used to support the foundation's core activities, 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 budget and minimize market impact.
These transactions are typically carried out over-the-counter to avoid disrupting the spot market. BitMine's continued participation in these deals highlights its growing role as a significant corporate holder of ETH, underscoring its deepening relationship with the Ethereum Foundation. The transfer of the recently sold ETH is expected to originate from a multisig wallet controlled by the Ethereum Foundation, aligning with its recent efforts to increase transparency around its treasury activities.