The Ethereum Foundation has finalized the sale of 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 roughly $22.9 million. This transaction is the latest in a series of treasury sales by the foundation, which has previously sold 5,000 ETH to BitMine in March for approximately $10.2 million.
The funds generated from these sales will be used to support core operations, including protocol 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 runway and minimize market impact. BitMine's continued participation in these transactions highlights its growing role as a major institutional holder of ETH.
The transfer of the latest sale is expected to be made from an Ethereum Foundation-controlled multisig wallet, aligning with the foundation's efforts to increase transparency around its treasury activities.