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. The sale was made at an average price of $2,292.15 per token, resulting in proceeds of approximately $22.9 million. This transaction is the latest in a series of treasury sales conducted by the foundation this year. The funds raised will be allocated towards core operations, including protocol research and development, ecosystem growth, community grants, and other activities.
The foundation's treasury management strategy involves periodic conversions of ether into fiat currency to maintain operational liquidity and minimize market impact. These transactions are typically carried out over-the-counter to avoid disrupting spot markets. BitMine's participation in these deals highlights its growing role as a major institutional holder of ether, with the company having taken part in multiple direct purchases from the foundation this year. The transfer is expected to originate from a multisig wallet controlled by the Ethereum Foundation, aligning with its recent efforts to increase transparency around treasury activities.