The Ethereum Foundation has finalized an over-the-counter sale of 10,000 ether to BitMine, a company led by Tom Lee, as part of its ongoing treasury management strategy. 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 sales this year, with the foundation previously selling 5,000 ETH to BitMine in March for approximately $10.2 million. The funds generated from these sales will be used to support the foundation's core activities, including 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 budget and minimize market impact. BitMine's participation in these transactions highlights its growing role as a major institutional holder of ETH.
The sale is expected to be transferred from an Ethereum Foundation-controlled multisig wallet, in line with the foundation's efforts to increase transparency around its treasury activities.