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 conducted 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 approximately $2,042 per token, raising around $10.2 million.
The foundation intends to allocate the proceeds from the sale towards its core operations, including protocol research and development, ecosystem growth, and community grants. This sale is part of the Ethereum Foundation's treasury management strategy, which involves periodically converting ETH holdings into fiat currency to maintain its operating runway and minimize market impact. The transaction was executed over-the-counter to avoid disrupting spot markets. BitMine's participation in these transactions highlights its growing role as a significant corporate holder of ETH, with the firm having taken part in multiple direct purchases from the foundation this year.
The on-chain transfer for the latest sale is expected to originate from an Ethereum Foundation-controlled multisig wallet, in line with its efforts to increase transparency around treasury activities.