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 conducted 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 generated 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 participation in these sales highlights its growing role as a major institutional holder of ETH, and its deepening relationship with the Ethereum Foundation. The transaction is expected to be transferred from an Ethereum Foundation-controlled multisig wallet, in line with the foundation's recent efforts to increase transparency around its treasury activities.