The Ethereum Foundation has finalized the sale of an additional 10,000 ether to BitMine, a company led by Tom Lee, in a private over-the-counter transaction. The sale was made at an average price of $2,292.15 per token, resulting in proceeds of approximately $22.9 million.
This transaction follows a similar sale in March where 5,000 ETH were sold to BitMine for about $2,042 per ETH, generating around $10.2 million. The foundation intends to use the funds from these sales for core activities, including research and development of the protocol, ecosystem growth, and community grants, as part of its established funding model.
The sale is part of the foundation's treasury management strategy, which involves periodic conversion of ETH into fiat currency to maintain operational liquidity and minimize market impact. These transactions are typically conducted over-the-counter to avoid market disruption.
BitMine's continued participation in these sales highlights its increasing role as a significant corporate holder of ETH, underscoring a deepening relationship between the foundation and this major institutional buyer. The transfer of the latest sale is expected to come from a multisig wallet controlled by the Ethereum Foundation, aligning with its recent efforts to increase transparency around treasury activities.