The Ethereum Foundation has finalized the sale of 10,000 ether to BitMine, a company led by Tom Lee, as part of its ongoing treasury strategy. The transaction, which was executed over-the-counter, saw the foundation sell the ether at an average price of $2,292.15 per token, resulting in proceeds of roughly $22.9 million. This sale follows a previous deal in March, where the foundation sold 5,000 ETH to BitMine for approximately $10.2 million.
The foundation has stated that the proceeds from these sales will be used to support its core operations, including research and development, ecosystem growth, and community grants. The transaction is part of the foundation's treasury management strategy, which involves periodically converting ETH holdings into fiat currency to maintain its operating runway and minimize market impact.
BitMine's participation in these transactions highlights its growing role as a major institutional holder of ETH, and underscores the deepening relationship between the Ethereum network's primary steward and the company. The on-chain transfer for the sale is expected to originate from an Ethereum Foundation-controlled multisig wallet, in line with the foundation's recent efforts to increase transparency around its treasury activities.