The Ethereum Foundation today completed a private sale of 10,000 Ethereum (ETH) to Bitmine Immersion Technologies, marking its latest over-the-counter (OTC) transaction as part of treasury management.
The sale was executed at an average price of $2,292.15 per ETH, valuing the deal at roughly $23.1 million. The Foundation said the transaction was finalized directly with Bitmine, avoiding public exchanges.
At the time of this writing, Ethereum is trading around $2,311.57, up 2.16% in the past 24 hours, according to CoinMarketCap. Total market cap is at $278.8B, showing an increase of 2.22% from the previous day, while trading volume is sitting at $12.69B, down 21.83% in the last 24 hours.
Part of ongoing treasury activity
The Foundation described the sale as part of its routine treasury operations, with proceeds allocated toward core functions such as protocol research, ecosystem development, and community grants.
The transaction will be processed through a designated multisig wallet, consistent with prior disclosures around how the organization manages and deploys its ETH reserves. This approach, selling ETH in tranches rather than large open-market transactions, has been a recurring strategy to fund operations without introducing immediate market volatility.
Follows earlier transfers to the same buyer
The latest transaction comes shortly after two earlier OTC deals involving the same counterparty. On-chain data flagged by Arkham Intelligence shows that the Foundation transferred a combined $33.5 million worth of ETH to Bitmine across recent transactions. These included a 10,000 ETH sale in late April and an earlier 5,000 ETH transfer about a month prior.
Following these sales, the Foundation is estimated to hold around 92,500 ETH, based on labeled wallet data.
OTC route limits visible market impact
Unlike exchange-based sales, OTC deals allow large volumes of ETH to change hands privately, reducing immediate price impact and order book pressure. The repeated use of this route suggests a structured pipeline between the Foundation and Bitmine, rather than opportunistic selling.
For Bitmine, the purchases align with its broader accumulation strategy. The firm has been steadily increasing its ETH holdings and positioning itself as a major corporate holder of the asset.
Accumulation strategy meets treasury drawdown
Bitmine, chaired by Tom Lee, has publicly targeted holding around 5% of Ethereum’s total supply. A portion of its holdings is already staked through in-house validator infrastructure, generating yield alongside capital appreciation strategies.
For the Ethereum Foundation, the sales reflect a balancing act between maintaining reserves and funding long-term development. At the current pace of selling, some analysts suggest the Foundation’s ETH holdings could decline significantly over the next few years, though no formal timeline has been outlined by the organization.
Funding operations while managing reserves
The Foundation has historically relied on ETH sales to support its activities, including protocol upgrades and ecosystem support.
While the latest transaction does not represent a shift in policy, the scale and frequency of OTC deals, particularly with a single counterparty, highlight how treasury management practices are evolving alongside institutional demand for ETH.
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