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 deal 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 protocol research and development, ecosystem growth, and community grants. The Ethereum Foundation's treasury management strategy involves periodically converting ETH holdings into fiat currency to maintain its operating runway and minimize market impact. BitMine's continued participation in these transactions highlights its growing role as a significant institutional holder of ETH. The sale is expected to be transferred from an Ethereum Foundation-controlled multisig wallet, aligning with the foundation's efforts to increase transparency around its treasury activities.