The Ethereum Foundation has announced 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 approximately $22.9 million. This transaction follows a previous sale of 5,000 ether to BitMine in March, which raised around $10.2 million.
The foundation will use the funds to support its 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 ether holdings into fiat currency to maintain its operating budget and minimize market impact.
BitMine's participation in these transactions highlights its growing role as a major institutional holder of ether. The foundation has stated that the transaction will be executed transparently, with the on-chain transfer originating from a multisig wallet controlled by the foundation.