Ethereum Foundation Sells 10,000 ETH to BitMine in $22.9M OTC Deal

The Ethereum Foundation has continued its 2026 treasury strategy by selling another 10,000 ETH in an over-the-counter (OTC) transaction to BitMine Immersion Technologies, a firm led by Fundstrat’s Tom Lee. The deal, finalized at an average price of $2,292.15 per ETH, generated approximately $22.9 million, reinforcing BitMine’s growing presence as a major institutional Ethereum buyer.

This latest Ethereum sale follows a similar transaction in March, when the foundation offloaded 5,000 ETH at around $2,042 per token, raising roughly $10.2 million. These recurring ETH sales highlight a consistent treasury management approach by the Ethereum Foundation, which periodically converts crypto holdings into fiat to sustain long-term operations and reduce exposure to market volatility.

According to the foundation, proceeds from these ETH sales are allocated toward core activities such as protocol research and development, ecosystem expansion, and community grants. This funding model has long supported Ethereum’s innovation pipeline and developer ecosystem, ensuring continuous growth and network upgrades.

Executing these transactions through OTC deals allows the Ethereum Foundation to minimize disruption to the broader crypto market. By avoiding large spot market sell-offs, the organization reduces potential downward pressure on Ethereum prices while maintaining liquidity.

BitMine’s repeated participation in these deals signals its increasing role as one of the largest corporate holders of ETH. The ongoing partnership between BitMine and the Ethereum Foundation suggests a deepening institutional interest in Ethereum as a long-term asset.

The on-chain transfer for this transaction is expected to originate from an Ethereum Foundation-controlled multisig wallet, aligning with its transparency initiatives around treasury movements. As institutional adoption grows, these strategic ETH sales provide insight into how major blockchain organizations manage assets while supporting ecosystem development.