The Ethereum Foundation has finalized the sale of an additional 10,000 ether to BitMine, a company led by Tom Lee, in a private 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 conducted by the foundation this year. The funds raised will be allocated towards supporting core operations, including research and development of the protocol, ecosystem growth, and community grants.
The Ethereum Foundation executes these sales as part of its treasury management strategy to periodically convert ETH into fiat currency, maintaining its operational runway while minimizing market impact. These transactions are typically carried out over-the-counter to avoid disrupting the spot market. BitMine's continued participation in these sales highlights its increasing role as a major institutional holder of ETH, underscoring a deepening relationship between the Ethereum network's primary steward and a significant buyer. The transfer of the sold ether is expected to originate from a multisig wallet controlled by the Ethereum Foundation, aligning with its recent efforts to enhance transparency around its treasury activities.