The Ethereum Foundation has transferred a total of $33.51 million worth of Ether (ETH) directly to Bitmine Immersion Technologies through two over-the-counter (OTC) transactions, according to on-chain intelligence shared by Arkham Intelligence.
The most recent sale, 10,000 ETH valued at approximately $23.13 million, took place just two days ago. A month earlier, the Foundation sold an additional 5,000 ETH worth about $10.38 million to the same buyer using the identical private route.
Arkham’s analysis of the labeled wallets shows the Ethereum Foundation now holds 92,548 ETH, currently valued at around $214.84 million at current prices. At the present rate of selling, the nonprofit organization that helped launch and fund Ethereum could exhaust its remaining ETH reserves by 2027.
Treasury management or strategic exhaustion?
The transactions mark a targeted, off-exchange pipeline between Ethereum’s original steward and Bitmine (NYSE: BMNR), the publicly traded company that has emerged as the network’s most aggressive corporate accumulator. Unlike sales routed through centralized exchanges, which can create visible sell pressure, these OTC deals allow large blocks of ETH to change hands privately.
The Ethereum Foundation has long sold portions of its treasury to cover operational costs, protocol research, ecosystem grants, and community programs. Officials have described the latest sales as routine treasury management. Proceeds from the April 24 transaction are earmarked for the same purposes.
The Alchemy of 5% and the 2027 deadline
Bitmine, chaired by Fundstrat’s Tom Lee, has made no secret of its strategy. As of mid-April the company controlled roughly 5.078 million ETH — more than 4.21% of ETH’s total supply — and has publicly set a goal of reaching 5 percent ownership. A substantial portion of its holdings is already staked through its own U.S.-based validator infrastructure, generating yield that supports its balance-sheet approach.
The direct transfers to Bitmine add a new layer to the company’s buying spree, which earlier coverage documented through large open-market purchases and staking ramps. This marks the second confirmed OTC deal between the two entities this year, following the March transaction.
Market observers offered mixed reactions to Arkham’s disclosure. Some called the sales standard nonprofit treasury rotation. Others noted the accelerating shift of ETH from the Foundation’s control into a single corporate treasury, raising longer-term questions about supply concentration.
The Foundation’s entity page on Arkham lists additional smaller positions in DAI, stETH, USDC and other assets, bringing its total portfolio value to roughly $231 million. Bitmine’s broader crypto and cash holdings have recently exceeded $11 billion, positioning it as the largest dedicated Ethereum treasury among public companies.
Crypto watchers are now tracking both labeled wallets for any follow-on activity. The next OTC transfer, if it follows the recent pattern, could push the Foundation’s holdings noticeably lower and bring the projected 2027 depletion date into sharper focus.
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