The Ethereum Foundation has concluded 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 around $22.9 million. This deal is the latest in a series of treasury sales undertaken by the foundation this year. The funds generated will be allocated towards essential operations, including research and development of the protocol, growth of the ecosystem, and community grants, in line with the foundation's established funding model.
The transaction is part of the foundation's treasury management strategy, which involves periodic conversion of ether holdings into fiat currency to maintain operational liquidity and minimize market impact. These transactions are typically executed over-the-counter to avoid disrupting market prices. BitMine's continued participation in these sales highlights its increasing role as a major corporate holder of ether, underscoring a deepening partnership between the foundation and the company. The transaction's on-chain transfer is expected to originate from a multisig wallet controlled by the Ethereum Foundation, reflecting its recent efforts to enhance transparency around treasury activities.