The Ethereum Foundation has concluded an over-the-counter sale of 10,000 ether to BitMine, a company led by Tom Lee, as part of its ongoing treasury management strategy. The sale was finalized at an average price of $2,292.15 per token, resulting in proceeds of around $22.9 million. This transaction follows a previous sale in March where the foundation sold 5,000 ETH to BitMine for roughly $10.2 million. The funds from these sales will be used to support core operations, including research and development, ecosystem growth, and community grants.
The Ethereum Foundation aims to maintain its operating runway and minimize market impact by periodically converting ETH holdings into fiat currency as part of its treasury management strategy. BitMine's participation in these transactions highlights its increasing role as a major corporate holder of ETH, underscoring a deepening relationship between the foundation and the company.