The Ethereum Foundation sold 10,000 ETH to Bitmine in an over-the-counter deal on Friday at an average price of $2,292.15 per coin, raising about $23 million. The Foundation said the proceeds will be used for protocol research, ecosystem development, and community grants. With this transaction, its recent OTC sales to the same buyer have reached 25,000 ETH, worth roughly $57 million.
Third recent sale to the same buyer
This was the third recent OTC transaction between the Ethereum Foundation and Bitmine. Earlier deals included a 10,000 ETH sale last week and a prior transfer of 5,000 ETH. Taken together, the transactions were completed at a weighted average price of about $2,280 per ETH.
The Foundation said the sale fits within its treasury management policy. It is using structured sales along with staking to support long-term development costs instead of relying only on reserve drawdowns.
OTC structure limits direct pressure on exchange books
The trade was executed directly between the two parties rather than through a public exchange order book. That matters. Large transfers handled through OTC channels usually avoid the immediate price disruption that can follow a visible sell order on spot markets.
Recent sales by the Foundation have still drawn scrutiny from some market participants, especially around pace. Others pointed out that the OTC route reduces direct market impact compared with exchange-based execution. Arkham data cited in the report shows the Foundation has allocated 70,000 ETH to staking while holding more than 82,500 ETH.
Bitmine pushes toward a 5% ETH supply target
On the buy side, Bitmine Immersion Technologies continues to expand its Ethereum exposure. The company, led by Tom Lee, has accumulated about 4.2% of total ETH supply and is aiming for a 5% ownership threshold. The Foundation’s recent sales have added directly to that push.
Bitmine is also putting those holdings to work. Through its MAVAN platform, the firm operates validator infrastructure and has staked roughly 3.7 million ETH, valued in the report at about $8.8 billion. It also holds around $91 million in Eightco Holdings and says it maintains high trading liquidity backed by institutional participants.