In its latest move, the Ethereum Foundation has entered into an over-the-counter agreement with BitMine, led by Tom Lee, to sell 10,000 ether, marking a continuation of its treasury sales for the year. The sale was finalized at an average price of $2,292.15 per token, resulting in proceeds of approximately $22.9 million. This transaction follows a pattern established in March when the foundation sold 5,000 ETH to BitMine at roughly $2,042 per ETH, generating about $10.2 million.
The funds from these sales are allocated towards supporting core operations, including research and development of the protocol, fostering ecosystem growth, and providing community grants, aligning with the foundation's long-standing funding approach. The Ethereum Foundation emphasized that this sale is part of its structured treasury management plan, which involves periodic conversion of ETH into fiat currency to ensure operational sustainability and minimize market impact. These transactions are typically conducted over-the-counter to avoid market disruption.
With BitMine's repeated participation, its role as a significant corporate holder of ETH continues to grow, highlighting a strengthening relationship between the foundation and this major institutional buyer. The transaction is expected to be transferred from a multisig wallet controlled by the Ethereum Foundation, reflecting its recent efforts to enhance transparency around its treasury activities.