The Ethereum Foundation has finalized the sale of 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 roughly $22.9 million. This transaction follows a previous sale in March, where the foundation sold 5,000 ETH to BitMine for approximately $10.2 million.
The funds generated from these sales will be used to support the foundation's core operations, including research and development, ecosystem growth, and community grants. As part of its treasury management strategy, the Ethereum Foundation periodically converts its ETH holdings into fiat currency to maintain its operational runway and minimize market impact. BitMine's participation in these transactions highlights its growing role as a major institutional holder of ETH, with the company having now taken part in multiple direct purchases from the foundation this year.
The transaction is expected to be transferred from an Ethereum Foundation-controlled multisig wallet, in line with the foundation's efforts to increase transparency around its treasury activities.