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 roughly $22.9 million. This transaction is the latest in a series of treasury sales by the foundation, which has previously sold 5,000 ETH to BitMine in March at a price of approximately $2,042 per token, raising around $10.2 million.
The funds generated from these sales will be allocated towards the foundation's core operations, including research and development, ecosystem growth, and community grants. As part of its treasury management strategy, the Ethereum Foundation periodically converts its ETH holdings into fiat currency to maintain its operating budget and minimize market impact. These transactions are typically executed over-the-counter to avoid disrupting market prices.
BitMine's participation in these sales highlights its expanding role as a significant institutional holder of ETH, underscoring its deepening relationship with the Ethereum network. The transaction is expected to be transferred from an Ethereum Foundation-controlled multisig wallet, aligning with the foundation's recent efforts to enhance transparency around its treasury activities.