In its latest move, 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 deal marks the continuation of the foundation's treasury sales this year, with BitMine Immersion Technologies acting as the counterparty. 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 proceeds from these sales will be allocated towards the foundation's core operations, including research and development of the protocol, ecosystem growth, and community grants, in line with its established funding model. The transaction is part of the foundation's treasury management strategy, which involves periodic conversions of ETH into fiat currency to maintain its operational runway and minimize market impact.
These transactions are typically conducted over-the-counter to avoid disrupting the spot markets. BitMine's involvement in these transactions highlights its increasing role as a significant corporate holder of ETH. The company, led by Fundstrat's Tom Lee, has participated in multiple direct purchases from the foundation this year, indicating a strengthening relationship between the network's primary steward and a major institutional buyer. The on-chain transfer for this latest sale is expected to originate from an Ethereum Foundation-controlled multisig wallet, aligning with the foundation's recent efforts to enhance transparency around its treasury activities.