Ethereum Foundation Sells 10,000 ETH Otc At $2,292 To Bitmine For $22.9m Treasury Move

Ethereum Foundation Finalizes Second OTC Sale to BitMine This Year

The @ethereumfndn has completed a 10,000 $ETH over-the-counter sale at an average price of $2,292.15 per token, with @BitMNR — formally BitMine Immersion Technologies — acting as the sole counterparty. The transaction, which settles from the EF's Safe multisig wallet, raises approximately $22.9 million for the Foundation's core operations.

The Foundation framed the deal as routine treasury management under its published spending policy, which targets predictable, programmatic funding rather than open-market sales that can create unnecessary price pressure. The transactions comply with the Foundation's official Treasury Policy, released in June 2025, which maintains operational expenditure at 15% of the treasury annually while keeping the runway at roughly 2.5 years.

Proceeds will support core operations and activities, including protocol R&D, ecosystem development, and community grant funding. The transaction executes on-chain, with the Foundation confirming it will be settled from the EF's Safe multisig wallet.

BitMine Cements Its Position as Ethereum's Largest Corporate Holder

This is the second EF sale to BitMine this year, following a 5,000 ETH deal in March. Reports indicate BitMine bought that initial tranche at an average price of around $2,043 per coin. The two transactions together have transferred 15,000 ETH from the Foundation directly into BitMine's treasury.

Led by Fundstrat CIO Thomas Lee, BitMine held approximately 4.97 million ETH ahead of this latest purchase and is positioning itself as the largest digital asset treasury firm after the bitcoin-centric Strategy. The firm has stated it aims to accumulate roughly 5% of ETH's total supply, a target that would amount to around 6 million tokens.

The OTC structure gave BitMine a direct source of supply without relying on exchange markets — a format commonly used for large transactions because it reduces slippage and allows firms to secure size more efficiently. That dynamic also benefits the broader market: with the tokens moving into a long-term corporate treasury rather than onto an open order book, the fact that BitMine is the counterparty should bring some calm, as the largest Ethereum corporate holder is unlikely to return the recently acquired tokens to the open market.

The sale comes as $ETH continues to trade below the psychologically significant $2,500 level, a backdrop that has drawn community scrutiny toward any EF selling activity. The Foundation's use of OTC channels and transparent on-chain settlement appears designed, in part, to address those concerns by limiting direct market impact.

Sources:
CoinDesk — Bitmine to Buy 10,000 ETH for $23.8M from Ethereum Foundation
Crypto Briefing — Ethereum Foundation Sells 10,000 ETH to BitMine to Fund Operations
Cryptopolitan — Ethereum Foundation Sells 10,000 ETH to BitMine via OTC

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