The Ethereum Foundation said Friday it sold 10,000 ETH to Bitmine Immersion Technologies in an over-the-counter transaction. The deal was priced at an average of $2,387 per ETH, putting the total value at about $24 million. The Foundation said the sale will support operations tied to research, development, and ecosystem grants under its treasury management policy.
Proceeds are earmarked for core Ethereum work
According to the Foundation, the funds will go toward protocol research, ecosystem development, and community grant programs. It described the transaction as part of its ongoing treasury strategy rather than a one-off move. Settlement will take place on-chain through a Safe multisig wallet controlled by the Foundation.
Arkham Intel data cited in the report shows the Foundation still holds about 92,538 ETH, valued near $214 million. A portion of the remaining treasury has also been deployed into staking strategies, adding another funding channel alongside periodic asset sales.
Bitmine keeps building its Ethereum position
The purchase adds to Bitmine’s expanding ETH reserves. Reports say the company already held nearly 5 million ETH worth about $11.5 billion. Earlier this week, on-chain data also showed Bitmine buying another 100,000 ETH for roughly $234 million.
This is not the first direct deal between the two sides. Last month, Bitmine bought 5,000 ETH from the Ethereum Foundation in another OTC transaction. The pattern points to a deliberate sourcing strategy built around direct block trades instead of relying only on exchange liquidity.
OTC structure supports large transfers with limited market impact
Large OTC deals are often used to move sizable crypto positions without creating major disruption in public markets. That format has now been used repeatedly by Bitmine and the Ethereum Foundation this year. For a buyer still accumulating at scale, it offers a steadier route than open-market execution.
Reports indicate Bitmine is working toward an internal target of controlling roughly 5% of Ethereum’s total supply. Its disclosed holdings already place it close to that mark. The company is chaired by Tom Lee, and its reported assets recently reached about $12.9 billion, including crypto, cash, and equity stakes.