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 follows a similar sale in March, where 5,000 ETH were sold to BitMine at a price of approximately $2,042 per token, raising around $10.2 million. The funds from these sales will be used to support the foundation's core operations, including research and development, ecosystem growth, and community grants. The Ethereum Foundation's treasury management strategy involves periodically converting ETH into fiat currency to maintain its operational capacity and minimize market impact. BitMine's participation in these transactions highlights its growing role as a major institutional holder of ETH.
The transfer of the latest sale is expected to be made from a multisig wallet controlled by the Ethereum Foundation, as part of its efforts to increase transparency around its treasury activities.