The Ethereum Foundation has finalized the sale of an additional 10,000 ether to BitMine, a company led by Tom Lee, in a private over-the-counter transaction, marking a continuation of its treasury sales for the year. According to a recent post, the sale was completed at an average price of $2,292.15 per token, resulting in proceeds of around $22.9 million. The buyer, BitMine Immersion Technologies, has been a frequent purchaser of ETH from the foundation, further solidifying its position as a significant institutional accumulator of the cryptocurrency.
This sale follows a previous transaction in March, where 5,000 ETH were sold to BitMine at approximately $2,042 per token, raising around $10.2 million. The foundation has stated that the funds from these sales will be used to support core operations, including research and development of the protocol, ecosystem growth, and community grants, which is in line with its established funding model.
The Ethereum Foundation has also emphasized that this transaction is part of its formal treasury management strategy, aimed at periodically converting ETH into fiat currency to maintain its operational runway and minimize market impact. These transactions are typically executed privately to avoid disrupting the spot markets. The involvement of BitMine, led by Tom Lee, in these transactions highlights its increasing role as one of the largest corporate holders of ETH, and underscores the deepening relationship between the foundation and this major institutional buyer.
The on-chain transfer for this sale is expected to come from a multisig wallet controlled by the Ethereum Foundation, consistent with its recent efforts to increase transparency around its treasury activities.