Ethereum Foundation offloads 5,000 ETH to BitMine as price climbs above $2K

The Ethereum Foundation has sold 5,000 ETH to publicly traded treasury firm BitMine Immersion Technologies in an over-the-counter deal worth just over $10.2 million.

The Ethereum Foundation offloads 5,000 ETH to BitMine as the price climbs above $2K, with the transaction priced at an average of $2,042.96 per coin.

The foundation confirmed the sale in a post on X. Proceeds will go toward core operations across the Ethereum ecosystem, covering protocol R&D, ecosystem development, community grant funding, and developer support.

This is the second time the foundation has sold ETH directly to a corporate treasury company. In July last year, it sold 10,000 ETH, worth around $30 million at the time to SharpLink Gaming.

Selling portions of its treasury across different market cycles allows the Ethereum Foundation to fund ongoing development without relying entirely on donations or external sources.

Ethereum Foundation offloads 5,000 ETH to BitMine

BitMine Immersion Technologies has built one of the largest corporate Ethereum positions in the world.

As of early last week, the company reported owning more than 4.5 million ETH. At recent market prices, those holdings are worth approximately $9.4 billion, placing BitMine ahead of other firms that hold ETH on their balance sheets.

ETH climbs above $2,100 as weekly gains hold

ETH gained 8.2% over the past seven days and 2.6% in the past 24 hours, per available price data. The 30-day gain stands at 8.4%, with a one-year increase of 10.5%. The asset crossed back above the $2,100 level at the time of the transaction.

The Ethereum Foundation has not disclosed a specific price target for future sales. Its approach ties treasury activity to funding needs and broader market conditions.

The OTC counterparty for this deal was BitMine, which the foundation confirmed in the same X post.

With BitMine adding the foundation’s 5,000 ETH to its existing position, its total holdings could rise further above the 4.5 million ETH it reported last week.