The Ethereum Foundation has finalized the sale of an additional 10,000 ether to BitMine, a company led by Tom Lee, in a direct, 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.
BitMine Immersion Technologies, the counterparty in this deal, has become a significant institutional buyer of ETH from the foundation, having participated in multiple similar transactions. The funds raised will be allocated towards supporting core operations, including research and development of the protocol, fostering ecosystem growth, and providing community grants, in line with the foundation's established funding model.
This transaction is part of the foundation's treasury management plan, which involves periodic conversion of ETH into fiat currency to maintain operational stability and minimize market impact. These transactions are typically conducted over-the-counter to avoid disrupting the spot markets. The involvement of BitMine, under the leadership of Tom Lee, highlights its expanding role as a major corporate holder of ETH. The foundation has emphasized its commitment to transparency in treasury activities, with the on-chain transfer for this sale expected to originate from a multisig wallet controlled by the Ethereum Foundation.