The Ethereum Foundation has announced the sale of an additional 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 is the latest in a series of treasury sales conducted by the foundation this year. The funds raised will be allocated towards core operations, including research and development, ecosystem growth, and community grants, in line with the foundation's established funding model.
The Ethereum Foundation stated that this sale is part of its treasury management strategy, which involves periodic conversions of ETH to fiat currency to maintain operational liquidity and minimize market impact. These transactions are typically executed over-the-counter to avoid market disruption. BitMine's participation in these sales highlights its growing role as a significant corporate holder of ETH, underscoring its deepening relationship with the Ethereum network's primary steward.
The transaction is expected to be transferred from an Ethereum Foundation-controlled multisig wallet, consistent with the foundation's recent efforts to enhance transparency around its treasury activities.