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 around $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 sale is part of the foundation's treasury management strategy, which involves periodic conversions of ETH into fiat currency to maintain operational liquidity and minimize market impact. BitMine's participation in these transactions underscores its role as a significant institutional holder of ETH, with the company having taken part in multiple direct purchases from the foundation. 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.