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Ethereum Foundation sells 10,000 ETH to Bitmine to fund core operations
The Ethereum Foundation bolsters its resources through strategic sales to finance broader ecosystem initiatives.
The Ethereum Foundation said Friday it sold 10,000 ETH for about $24 million in an OTC transaction with Bitmine Immersion Technologies, the largest ETH corporate holder. The team plans to use proceeds to support research, development, ecosystem expansion, and grant programs as part of its treasury management framework.
0/ Today, the Ethereum Foundation finalized the terms of a 10,000 ETH sale at an average price of $2,387 via OTC.
For this sale, our OTC counterparts was @BitMNR.
— Ethereum Foundation (@ethereumfndn) April 24, 2026
Bitmine has acted as the counterparty in at least two OTC ETH sales by the Foundation this year. Last month, the firm bought 5,000 ETH from the EF in a similar OTC transaction.
In its latest disclosure, Bitmine said it held nearly 5 million ETH worth roughly $11.5 billion at current market prices. On-chain data suggests that the firm acquired another 100,000 ETH for approximately $234 million on Wednesday.
The Foundation still holds about 92,538 ETH worth $214 million, per Arkham Intel, and has staked part of its treasury.