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. The sale was made at an average price of $2,292.15 per token, resulting in proceeds of around $22.9 million. This transaction is the latest in a series of sales, with the foundation having sold 5,000 ETH to BitMine in March at a price of approximately $2,042 per token, raising around $10.2 million. The funds generated from these sales will be used to support the foundation's core operations, including research and development, ecosystem growth, and community grants.
The Ethereum Foundation's treasury management strategy involves periodically converting ETH holdings into fiat currency to maintain its operating budget and minimize market impact. These transactions are typically executed over-the-counter to avoid disrupting the market. BitMine's participation in these sales highlights its growing role as a significant corporate holder of ETH, having taken part in multiple direct purchases from the foundation this year. The transfer of the latest sale is expected to originate from a multisig wallet controlled by the Ethereum Foundation, aligning with its push for greater transparency in treasury activities.