The Ethereum Foundation has concluded the sale of an additional 10,000 ether to BitMine, a company led by Tom Lee, in an over-the-counter transaction, marking a 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 around $22.9 million. The buyer, BitMine Immersion Technologies, has been a repeat purchaser of ETH from the foundation. The funds raised will be allocated towards core operations, protocol research and development, ecosystem growth, and community grants, in line with the foundation's established funding model.
This transaction is part of the Ethereum Foundation's formal treasury management strategy, which involves periodic conversions of ETH to fiat currency to maintain operational liquidity and minimize market impact. These transactions are typically executed over-the-counter to avoid market disruption. BitMine's participation in these sales highlights its growing role as a significant corporate holder of ETH, with the company having taken part in multiple direct purchases from the foundation this year. The transfer is expected to originate from an Ethereum Foundation-controlled multisig wallet, reflecting the foundation's push for greater transparency in its treasury activities.