The Ethereum Foundation has finalized the sale of an additional 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 around $22.9 million. This sale is the latest in a series of treasury sales conducted by the foundation this year. The buyer, BitMine Immersion Technologies, has been a repeat purchaser of ETH from the foundation, demonstrating its significant role as an institutional accumulator of the cryptocurrency.
The funds raised will be allocated towards core operations, including research and development, ecosystem growth, and community grants, in line with the foundation's established funding model. The transaction is part of the 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 disrupting spot markets.
BitMine's continued participation in these sales highlights its growing importance as a major corporate holder of ETH. The transfer is expected to originate from a multisig wallet controlled by the Ethereum Foundation, aligning with its recent efforts to increase transparency around treasury activities.