The Ethereum Foundation has concluded the sale of 10,000 ether to BitMine, a company led by Tom Lee, in an over-the-counter transaction, marking the continuation of its treasury sales for the year. The sale was finalized at an average price of $2,292.15 per token, resulting in proceeds of roughly $22.9 million. This transaction follows a previous sale in March, where the foundation sold 5,000 ETH to BitMine at approximately $2,042 per token, raising around $10.2 million.
The proceeds from these sales will be allocated towards the foundation's core operations, including research and development, ecosystem growth, and community grants, in line with its established funding model. The Ethereum Foundation has stated that this transaction is part of its treasury management strategy, which involves periodic conversions of ETH holdings into fiat currency to maintain operational stability and minimize market impact. These transactions are typically executed over-the-counter to avoid disrupting spot markets.
BitMine's participation in these sales highlights its growing role as a significant corporate holder of ETH, with the company having now taken part in multiple direct purchases from the foundation this year. The on-chain transfer for this sale is expected to originate from an Ethereum Foundation-controlled multisig wallet, consistent with the foundation's recent efforts to increase transparency around its treasury activities.