The Ethereum Foundation has concluded an over-the-counter transaction with BitMine, selling 10,000 ether at an average price of $2,292.15 per token. This sale is the latest in a series of treasury transactions undertaken by the foundation this year.
The buyer, BitMine Immersion Technologies, is a repeat purchaser that has been accumulating ETH from the foundation. The proceeds from this sale, totaling roughly $22.9 million, will be utilized to support core operations, including research and development, ecosystem growth, and community grants, in line with the foundation's established funding model. This transaction is part of the foundation's treasury management strategy, which involves periodic conversions of ETH into fiat currency to maintain operational liquidity and minimize market impact. The sale was executed over-the-counter to avoid market disruption.
BitMine, led by Tom Lee, has been a significant participant in these transactions, underscoring its role as a major corporate holder of ETH. The transfer is expected to originate from an Ethereum Foundation-controlled multisig wallet, reflecting the foundation's efforts to enhance transparency around its treasury activities.