The Ethereum Foundation has concluded an over-the-counter sale of 10,000 ether to BitMine, a company led by Tom Lee, marking a continuation of its treasury sales strategy for the year. According to an announcement, 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 pattern established in March when the foundation sold 5,000 ETH to BitMine at about $2,042 per ETH, generating around $10.2 million. The proceeds from these sales are allocated towards core operations, including protocol development, ecosystem support, and community grants, aligning with the foundation's long-standing funding approach.
The Ethereum Foundation emphasizes that these transactions are part of its structured treasury management plan, aimed at converting ETH holdings to fiat currency to ensure operational sustainability and minimize market impact. These sales are typically conducted over-the-counter to avoid market disruption.
BitMine's repeated participation underscores its significant role as a major institutional ETH holder, highlighting a strengthening relationship between the Ethereum network's primary overseer and a key buyer. The transaction is expected to be transparent, with the on-chain transfer originating from a multisig wallet controlled by the Ethereum Foundation, reflecting its commitment to transparency in treasury activities.