The Ethereum Foundation has finalized the sale of an additional 10,000 ether to BitMine, a company led by Tom Lee, in an over-the-counter transaction, marking a continuation of its treasury management strategy. The sale was made at an average price of $2,292.15 per token, resulting in proceeds of around $22.9 million. This deal is the latest in a series of sales to BitMine, which has become a key institutional buyer of ETH from the foundation. The funds generated from this sale will be allocated towards supporting core operations, including research and development of the protocol, growth of the ecosystem, and community grants, in line with the foundation's established funding model.
The transaction 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 sales are typically executed over-the-counter to avoid market disruption. The ongoing participation of BitMine, led by Tom Lee, underscores its significant role as a major corporate holder of ETH. The transfer of the recently sold ether is expected to originate from a multisig wallet controlled by the Ethereum Foundation, reflecting its commitment to transparency in treasury activities.