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 is the latest in a series of treasury sales by the foundation this year.
In March, the foundation sold 5,000 ETH to BitMine at approximately $2,042 per token, 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 sale is part of the foundation's treasury management strategy, which involves periodically converting ETH holdings into fiat currency to maintain its operating budget and minimize market impact.
These transactions are typically executed over-the-counter to avoid disrupting the spot market. BitMine's continued participation in these sales highlights its growing role as a major institutional holder of ETH. The foundation has emphasized its commitment to transparency in its treasury activities, with the on-chain transfer for this sale expected to originate from a foundation-controlled multisig wallet.