The Ethereum Foundation recently finalized the sale of 10,000 ether to BitMine, a company led by Tom Lee, in a private 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 at a price of approximately $2,042 per token, raising around $10.2 million. The funds generated from these sales will be used to support the foundation's core operations, including protocol 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. These transactions are typically carried out over-the-counter to avoid disrupting spot markets.
BitMine's participation in these sales highlights its growing role as a significant corporate holder of ETH, with the company having now taken part in multiple direct purchases from the foundation this year. The transaction is expected to be transferred from an Ethereum Foundation-controlled multisig wallet, aligning with the foundation's push for greater transparency in its treasury activities.