Key Highlights
- Ethereum Foundation to sell 10,000 ETH to BitMine via OTC at $2,387 per ETH.
- Funds will support protocol development, ecosystem development, and grants.
- The transaction will be facilitated through an EF-controlled multisig wallet for transparency.
The Ethereum Foundation (EF) has finalized an over-the-counter (OTC) transaction involving the sale of 10,000 Ethereum (ETH) to BitMine, as part of its treasury management strategy to fund ongoing ecosystem initiatives. The deal, which took place on April 24, 2026, was concluded at an average price of $2,387 per ETH.
According to an update shared by the Foundation on X, the proceeds will support core functions, including protocol development, research, ecosystem growth, and community grants.
How the transaction will be carried out
The on-chain transaction would come out of an EF-controlled multi-signature wallet, emphasizing the transparency of the foundation in terms of its treasury operations. This step is a result of the previously announced treasury management strategy by the foundation.
This strategy involves a systematic asset-liability structure in which it decides the allocation of Ether it keeps within itself in comparison to conversion into fiat money or other assets. There are two critical parameters for determining the above strategy, which include annual operating expense and years of runway kept aside.
Currently, the Foundation aims to keep annual operating expenses at 15% of its treasury and reserves for 2.5 years of runway.
The EF has also expanded its investment approach, including participation in DeFi activities such as staking ETH and supplying wrapped ETH (wETH) to lending protocols. These efforts aim to generate sustainable income while supporting Ethereum-based financial infrastructure.
ETH to stablecoins
In a separate development, the Ethereum Foundation converted 5,000 ETH into stablecoins on April 8 as part of its treasury management process that would finance their research and development activities, grant money, and other community needs.
The conversion process was done through the use of TWAP functionality in the CoWSwap platform. This enables the transaction to be carried out in smaller chunks of transactions over time. Considering the current market prices, the amount to be sold is relatively small in relation to their total supply.
Future outlook
EF maintains a percentage of the treasury invested in fiat assets such as cash, bonds, and tokenized RWA. Diversification of the treasury allows liquidity that is immediately available as well as safeguarding the capital needed for more prolonged engagements.
The purchase by BitMine is part of a larger pattern of institutional involvement in the Ethereum ecosystem, where entities focused on treasuries have become important players who can provide liquidity and absorb large transactions without affecting open-market rates.
Going forward with the ongoing development of the Ethereum network, the strategies of the Foundation regarding the treasury will be of considerable interest to many.
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