In its latest over-the-counter transaction, the Ethereum Foundation has sold 10,000 ether to BitMine, a company led by Tom Lee, at an average price of $2,292.15 per token. This sale is part of the foundation's ongoing treasury strategy, which involves periodically converting ETH holdings into fiat currency to support core operations and minimize market impact.
The proceeds from this sale, totaling roughly $22.9 million, will be used to fund protocol research and development, ecosystem growth, and community grants. This transaction follows a similar sale in March, in which the foundation sold 5,000 ETH to BitMine for approximately $10.2 million. The Ethereum Foundation's relationship with BitMine continues to grow, with the company becoming one of the largest corporate holders of ETH. The foundation's commitment to transparency is also evident in its use of a multisig wallet for on-chain transfers.
This sale highlights the foundation's efforts to maintain a stable operating runway while supporting the growth and development of the Ethereum ecosystem.