The Ethereum Foundation has finalized the sale of an additional 10,000 ether to BitMine, a company led by Tom Lee, in an over-the-counter transaction, marking the continuation of its treasury sales for the year. According to a recent post, the sale was concluded at an average price of $2,292.15 per token, resulting in proceeds of approximately $22.9 million. The buyer, BitMine Immersion Technologies, has been a repeat purchaser and has increasingly become a key institutional buyer of ETH from the foundation.
This sale follows a similar transaction in March where the foundation sold 5,000 ETH to BitMine at around $2,042 per ETH, raising roughly $10.2 million. The proceeds from the sale will be used to fund core operations, including protocol research and development, ecosystem growth, and community grants, in line with the foundation's established funding model. The foundation has stated that this transaction is part of its formal treasury management strategy, which involves periodically converting ETH holdings into fiat currency to maintain operational runway and minimize market impact.
These transactions are typically executed over-the-counter to avoid disrupting spot markets. BitMine's continued participation in these transactions highlights its growing role as one of the largest corporate holders of ETH. The company, led by Fundstrat's Tom Lee, has participated in multiple direct purchases from the foundation this year, underscoring a deepening relationship between the network's primary steward and a major institutional buyer.
The on-chain transfer for this sale is expected to originate from an Ethereum Foundation-controlled multisig wallet, consistent with the foundation's recent push for greater transparency in its treasury activities.