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 follows a previous sale of 5,000 ETH to BitMine in March, which raised around $10.2 million.
The foundation will use the proceeds 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 ETH into fiat currency to maintain its operating budget and minimize market impact. BitMine's repeated 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.