The Ethereum Foundation has concluded 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 made at an average price of $2,292.15 per token, resulting in proceeds of approximately $22.9 million.
This transaction follows a pattern of treasury sales by the foundation this year, with the proceeds intended to support core operations, including research and development, ecosystem growth, and community grants. The foundation's treasury management strategy involves periodic conversion of ether holdings into fiat currency to maintain operational stability and minimize market impact.
BitMine's continued participation in these transactions underscores its significant role as a major corporate holder of ether, highlighting a strengthening relationship between the Ethereum network's primary steward and a key institutional buyer. The transaction is expected to be executed from an Ethereum Foundation-controlled multisig wallet, aligning with the foundation's push for greater transparency in its treasury activities.