The Ethereum Foundation has announced 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 follows a previous sale in March, in which the foundation sold 5,000 ETH to BitMine for roughly $10.2 million. The funds from these sales will be used to support the foundation's core operations, including research and development, ecosystem growth, and community grants.
The sale is part of the foundation's treasury management strategy, which involves periodically converting ETH into fiat currency to maintain its operating budget and minimize market impact. BitMine's participation in these transactions highlights its growing role as a major institutional holder of ETH, and underscores the deepening relationship between the Ethereum network and the company. The transaction is expected to be transferred from an Ethereum Foundation-controlled multisig wallet, as part of the foundation's efforts to increase transparency around its treasury activities.