The Ethereum Foundation has finalized the sale of 10,000 ether to BitMine, a company led by Tom Lee, in an over-the-counter transaction. The sale was made at an average price of $2,292.15 per token, resulting in proceeds of roughly $22.9 million.
This transaction follows a previous sale in March, where the foundation sold 5,000 ETH to BitMine for approximately $10.2 million. The funds generated from these sales will be used to support the foundation's core operations, including research and development, ecosystem growth, and community grants. The Ethereum Foundation's treasury management strategy involves periodically converting ETH into fiat currency to maintain its operating budget and minimize market impact.
BitMine's participation in these transactions highlights its growing role as a significant corporate holder of ETH. The transfer of the sold ether is expected to originate from a multisig wallet controlled by the Ethereum Foundation, aligning with its efforts to increase transparency around its treasury activities.