The Ethereum Foundation has finalized the sale of 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 roughly $22.9 million.
This transaction is the latest in a series of treasury sales by the foundation, which has been selling ETH to BitMine in recent months. The funds raised will be used to support the foundation's core operations, including research and development, ecosystem growth, and community grants. The sale is part of the foundation's treasury management strategy, which involves periodically converting ETH holdings into fiat currency to maintain its operating budget and minimize market impact. BitMine has emerged as a significant institutional buyer of ETH, having participated in multiple direct purchases from the foundation this year.
The transaction is expected to be transferred from an Ethereum Foundation-controlled multisig wallet, as part of the foundation's efforts to increase transparency around its treasury activities.