Ethereum Foundation sells $10.2M worth of ETH to BitMine in OTC deal

The Ethereum Foundation completed a $10.2 million OTC sale of 5,000 ETH to BitMine as part of its treasury management strategy to fund operations and ecosystem development.

The Ethereum Foundation has finalized an over-the-counter (OTC) sale of 5,000 Ether to BitMine Immersion Technologies, a transaction worth about $10.2 million based on the agreed price of $2,042.96 per ETH.

In a Saturday post on X, the foundation said proceeds from the sale will support core operations, including protocol research and development, ecosystem growth initiatives and community grant programs. The onchain transfer will originate from an Ethereum Foundation Safe multisignature wallet.

BitMine, a publicly traded company on the NYSE American under the ticker BMNR, has emerged as one of the largest corporate holders of Ether (ETH). Chaired by Fundstrat co-founder Tom Lee, the firm holds more than 4.5 million ETH worth roughly $9.3 billion, according to industry treasury trackers.

The company has steadily accumulated Ether since mid-2025, following a strategy similar to Strategy’s Bitcoin (BTC) accumulation model.

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The transaction marks the second time the Ethereum Foundation has sold ETH directly to a corporate treasury buyer via an OTC deal. In July 2025, the organization sold 10,000 ETH to SharpLink Gaming at an average price of $2,572.37, a transaction valued at about $25.7 million.

These periodic sales are part of the Ethereum Foundation’s treasury management framework introduced in June 2025. Under that policy, the organization periodically converts a portion of its ETH holdings to maintain a fiat-based operating reserve. The framework targets annual spending equal to roughly 15% of treasury holdings while maintaining a multi-year operating runway.

The announcement comes shortly after the foundation began staking a portion of its treasury, with plans to deploy around 70,000 ETH into validators using open-source infrastructure.

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This week, the Ethereum Foundation released a new mandate outlining its role in stewarding the Ethereum ecosystem, emphasizing decentralization and user sovereignty over assets and data. The document states that Ethereum should remain censorship-resistant, open source and privacy-preserving while scaling to support global adoption.

The foundation said it will focus on core protocol upgrades, long-term research, cybersecurity and developer tools while gradually reducing its direct influence over the network.

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Source: CoinTelegraph