Summary :

Ethereum Foundation sold 10,000 ETH (~$24M) to Bitmine via OTC deal
Funds will support core operations, R&D, ecosystem growth, and grants
Bitmine continues aggressive
accumulation, now holding over 4.9M ETH.
Move follows earlier ETH sales and a shift toward more structured treasury management.

The Ethereum Foundation has quietly executed another large ETH sale, this time offloading 10,000 Ether in an over-the-counter (OTC) deal with Bitmine Immersion Technologies. The transaction, priced at an average of $2,387 per ETH, brings the total value close to $24 million. The Foundation confirmed the deal publicly, stating:

" Today, the Ethereum Foundation finalized the terms of a 10,000 ETH sale at an average price of $2,387 via OTC. For this sale, our OTC counterparts was @BitMNR."

Source

This wasn't a random market sale. OTC deals are typically used to avoid sudden price swings on exchanges, especially when dealing with large amounts. It allows both sides to transact smoothly without disrupting the broader market. The Foundation also clarified exactly where the funds are going:

" This sale funds the EF's core operations & activities, including protocol R&D, ecosystem development, community grant funding and more. " Source

In simple terms, this is operational funding. The Ethereum Foundation actively uses its treasury to support development, research, and the broader ecosystem that keeps Ethereum moving.

Bitmine Doubles Down on Ethereum Accumulation

On the other side of the deal is Bitmine Immersion Technologies, which continues to build one of the largest ETH treasuries in the public market. The company recently disclosed holdings of 4,976,485 ETH, representing around 4.12% of Ethereum's circulating supply. That's a massive position by any standard. This latest purchase adds to a series of aggressive buys. Just weeks earlier, Bitmine acquired 101,627 ETH in a single week, signaling a clear long-term bet on Ethereum's future. Bitmine has been steadily increasing its holdings through both open market purchases and direct deals like this one.

This approach reflects a broader trend that public companies are starting to treat crypto especially ETH as a treasury asset, similar to how some firms approached Bitcoin in earlier cycles and Bitmine seems committed to pushing that strategy further. The company has previously hinted at a long-term goal of reaching around 5% of total ETH supply. With this latest deal, it's getting closer.

Inside the Ethereum Foundation's Treasury Strategy

ETH sales by the Ethereum Foundation are not new, but they often spark debate. Some community members question whether selling creates downward pressure on price. Others see it as necessary for sustainability. The Foundation itself has been trying to strike a balance. According to its treasury policy, the goal is to support long-term ecosystem growth while maintaining financial stability. That includes funding development, grants, and research, while also exploring ways to generate yield. The Foundation has already started shifting its approach. Earlier, it converted around $11 million worth of ETH into stablecoins to fund operations. It has also begun deploying capital into DeFi and staking.

In January 2025, the Foundation seeded a DeFi-focused wallet with 50,000 ETH. That move signaled a shift - instead of relying solely on selling ETH, it's looking to generate returns from within the ecosystem itself. Still, sales like this one show that liquidating ETH remains part of the strategy. It's a practical decision because running a global ecosystem requires consistent funding, and ETH remains the Foundation's primary asset. There's also a timing aspect. Selling during periods of relative market stability helps avoid unnecessary pressure and doing it via OTC channels keeps things controlled. The Ethereum Foundation is gradually distributing its holdings to fund growth. At the same time, Ethereum itself is evolving. Staking participation continues to grow, supply dynamics are tightening, and institutional interest is slowly returning.

Closing Thoughts

The Ethereum Foundation is becoming more deliberate with its treasury strategy. Bitmine, meanwhile, is positioning itself as a major ETH holder in public markets. That kind of concentration can influence how institutional investors view Ethereum as an asset and for the broader ecosystem, this kind of activity shows ETH being treated as infrastructure, capital, and long-term value - all at once.