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 is the latest in a series of treasury sales by the foundation, which has been periodically converting its ETH holdings into fiat currency as part of its treasury management strategy. The funds generated from these sales will be used to support the foundation's core operations, including protocol research and development, ecosystem growth, and community grants. This deal marks the second time the foundation has sold ETH to BitMine, highlighting the company's growing role as a major institutional buyer of ether. The transaction is expected to be executed from an Ethereum Foundation-controlled multisig wallet, in line with the foundation's efforts to increase transparency around its treasury activity.