The Ethereum Foundation has finalized 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 around $22.9 million.
This transaction is the latest in a series of treasury sales by the foundation this year. The proceeds from the sale will be used to support the foundation's core activities, 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 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 ETH. The transaction is expected to be transferred from an Ethereum Foundation-controlled multisig wallet, in line with the foundation's efforts to increase transparency around its treasury activities.