Ethereum Foundation Offloads 10,000 ETH to Bitmine in $23M OTC Trade

The Ethereum Foundation said it sold 10,000 ETH to Bitmine in an over-the-counter (OTC) transaction on Friday, raising about $23 million to support ongoing operations. The Foundation reported an average sale price of $2,292.15 per ETH. The latest trade follows two earlier OTC deals with the same buyer—a 10,000 ETH sale last week and a 5,000 ETH transfer earlier—bringing recent OTC sales to 25,000 ETH, or roughly $57 million in total proceeds. Across the three transactions, the weighted average price was near $2,280 per ETH. The Foundation said the funds will be used for protocol research, ecosystem development, and community grants. It also noted that executing large sales via OTC arrangements helps avoid immediate disruption to exchange order books. On the buy side, Bitmine Immersion Technologies, led by Tom Lee, continues to build its Ethereum position. The company has accumulated about 4.2% of total ETH supply and has set a target of reaching 5%. Bitmine said it actively deploys its holdings through validator operations rather than keeping them idle, staking roughly 3.7 million ETH—valued near $8.8 billion—via its MAVAN platform. The firm also holds about $91 million in Eightco Holdings and said it maintains strong liquidity supported by institutional participants. Separately, the Ethereum Foundation continues to manage its treasury through a mix of structured sales and staking. Arkham data show the Foundation has allocated 70,000 ETH to staking while holding more than 82,500 ETH. The Foundation said the recent transactions are consistent with its treasury policy aimed at funding long-term development. Some market participants have questioned the pace of sales, while others point to OTC execution as a way to reduce direct market impact compared with exchange-based selling. The Foundation has previously said it seeks to balance near-term funding needs with long-term strategy.