The Ethereum Foundation said it has sold 10,000 ETH in an over-the-counter transaction at an average price of $2,387 per coin, generating about $23.87 million. The buyer was Bitmine Immersion Technologies, and the foundation said all proceeds will be used for protocol research, ecosystem support, and core operating needs.
Bitmine named as the counterparty
The deal was disclosed by the foundation’s official account. Instead of selling directly on the open market, the foundation used an OTC structure and identified Bitmine Immersion Technologies as the counterparty. The source material describes Bitmine as the largest Ethereum treasury company and notes that it has been especially active in the Ethereum ecosystem in recent weeks.
According to the source, on-chain tracking shows Bitmine’s ETH holdings have climbed close to 5 million ETH, equal to more than 4% of total supply. That context matters. A transfer of 10,000 ETH to a single institutional buyer through an OTC transaction is widely seen as a way to reduce the market impact that could come with selling into secondary trading venues.
Proceeds allocated to research, ecosystem growth, and grants
The foundation also outlined how the cash will be used. One bucket is protocol R&D, covering upgrades and maintenance of Ethereum’s base layer. Another is ecosystem development, including tooling and developer resources. The third is community grants, with continued funding for contributors across the global Ethereum network.
It added that the transaction was consistent with the treasury management policy published in June 2025. To keep the process visible on-chain, the foundation disclosed the Safe multisig wallet used for the trade, listed as 0x9fC3…213e, allowing the community to monitor the movement of funds in real time.
Routine treasury management by the foundation
Based on the foundation’s wording, the sale was presented as a routine treasury operation aimed at supporting the continued development of the largest smart contract platform. The announcement did not include extra commercial terms beyond the amount sold, the average sale price, the buyer, and the intended use of funds. Those remain the key confirmed details: 10,000 ETH sold, an average price of $2,387, and proceeds directed to research and ecosystem spending.