The Ethereum Foundation has concluded the sale of an additional 10,000 ether to BitMine, a company led by Tom Lee, in a private over-the-counter transaction. This sale, which was finalized at an average price of $2,292.15 per token, resulted in proceeds of roughly $22.9 million.
The foundation had previously sold 5,000 ETH to BitMine in March at a price of approximately $2,042 per token, raising around $10.2 million. The funds generated from these sales will be allocated towards 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 capacity and minimize market disruption. BitMine's participation in these transactions highlights its growing role as a significant corporate holder of ETH, with the company having now taken part in multiple direct purchases from the foundation this year.