The Ethereum Foundation has finalized the sale of an additional 10,000 ether to BitMine, a company led by Tom Lee, in a private over-the-counter deal. The sale was made at an average price of $2,292.15 per token, generating roughly $22.9 million in revenue. This transaction is the latest in a series of treasury sales by the foundation this year. The buyer, BitMine Immersion Technologies, has become a key institutional buyer of ETH from the foundation.
The proceeds from the sale will be used to fund core operations, including protocol research and development, ecosystem growth, and community grants. This 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. The deal was executed privately to avoid disrupting the spot market.
BitMine's participation in these transactions highlights its growing role as a major corporate holder of ETH. The foundation will transfer the ether from a multisig wallet it controls, in line with its efforts to increase transparency around its treasury activities.