Ethereum Foundation Sells 10,000 ETH to BitMine in OTC Deal

The Ethereum Foundation has sold 10,000 ETH to BitMine Immersion Technologies in an over-the-counter transaction, according to reports and statements shared by both parties. The deal was completed at an average price of $2,387 per ether, placing the total value at about $23.87 million. The foundation said the proceeds will be used to fund core operations, including protocol research and development, ecosystem growth, and community grants.

The sale adds to BitMine’s growing Ethereum treasury at a time when the company is expanding its position in the asset. Reports said BitMine had already built holdings of 4,976,485 ETH earlier this week after buying 101,627 ETH in its largest weekly purchase of 2026. Based on the figures cited in those updates, BitMine’s treasury represented about 4.12% of Ethereum’s total supply and was valued at more than $11.5 billion.

The transaction also marks another direct sale from the Ethereum Foundation to BitMine. Reports said BitMine bought 5,000 ETH from the foundation in March at an average price of about $2,043 per coin. The latest sale shows that the foundation is still using direct ETH sales as part of its treasury management, even after earlier criticism around recurring sales to fund operations.

Foundation Says Sale will Support Research and Grants

In its public statement, the Ethereum Foundation said the 10,000 ETH sale will support “core operations & activities,” including protocol R&D, ecosystem development, and community grant funding. That language matches the foundation’s broader funding model, which has long relied on periodic asset sales to support work across the network.

According to reports, this latest transaction follows another recent move in which the foundation converted about $11 million worth of ETH into stablecoins. Those funds were also directed toward research, grants, and ecosystem-related activity. The foundation has previously said it wants to balance direct ETH sales with other sources of treasury support, including staking and DeFi deployment.

That broader approach was outlined last year when the foundation said it planned to limit recurring ETH sales where possible. In early 2025, it seeded a DeFi Ecosystem wallet with 50,000 ETH as part of that shift. Even so, direct sales remain part of the funding process, especially when the organization needs cash for predictable operational expenses.

BitMine Pushes Closer to its Ethereum Supply Target

BitMine, led by Chairman Tom Lee, has continued buying ether while many other digital asset treasury firms have slowed or paused purchases. The company said earlier this week that its holdings stood at 4.97 million ETH, putting it close to the 5 million mark. The firm has also said it aims to accumulate roughly 5% of ETH’s total supply, a target that would amount to around 6 million tokens.

The new purchase from the Ethereum Foundation adds to that strategy. As we reported, BitMine is the largest corporate holder of ether and one of the largest public digital asset treasury firms in the market. The company’s total assets were recently reported at $12.9 billion, including crypto, cash, and equity stakes.

This latest OTC deal also gave BitMine a direct source of supply without relying only on exchange markets. Over-the-counter purchases are often used for large transactions because they can reduce slippage and allow firms to secure size more efficiently. That may explain why BitMine has now completed multiple purchases directly with the foundation.