The Ethereum Foundation has concluded the sale of 10,000 ether to BitMine, a company led by Tom Lee, in an over-the-counter transaction. The sale was finalized at an average price of $2,292.15 per token, resulting in proceeds of around $22.9 million. This transaction follows a previous sale in March, in which the foundation sold 5,000 ETH to BitMine at approximately $2,042 per token, raising around $10.2 million.
The funds generated from these sales will be allocated towards core operations, including protocol 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 operational runway and minimize market impact. These transactions are typically executed over-the-counter to avoid disrupting spot markets.
BitMine's participation in these transactions highlights its growing role as a significant corporate holder of ETH, underscoring its deepening relationship with the Ethereum Foundation. The on-chain transfer for this sale is expected to originate from an Ethereum Foundation-controlled multisig wallet, aligning with the foundation's recent efforts to increase transparency around treasury activities.