Headline: Ethereum Foundation Sells 5,000 ETH to BitMine in OTC Deal as Ether Rallies Above $2K
The Ethereum Foundation has quietly sold 5,000 ETH to publicly traded treasury firm BitMine Immersion Technologies in an over‑the‑counter transaction worth just over $10.2 million. The deal was executed at an average price of $2,042.96 per coin, according to a post the foundation made on X, which also named BitMine (handle @BitMNR) as the OTC counterparty.
Proceeds from the sale will fund core Ethereum ecosystem work: protocol research and development, ecosystem growth initiatives, community grants, and developer support. The foundation emphasized that its treasury management is tied to funding needs and broader market conditions rather than a fixed price target for future sales.
This marks the second time the foundation has sold ETH directly to a corporate treasury. In July last year it sold 10,000 ETH to SharpLink Gaming (about $30 million at the time). The foundation has said it periodically monetizes portions of its holdings across market cycles to support ongoing development without relying solely on donations.
BitMine has been building one of the largest corporate Ethereum treasuries. Early last week the company reported holdings of more than 4.5 million ETH — roughly $9.4 billion at recent prices — and adding the foundation’s 5,000 ETH will push that position slightly higher.
Ether’s price has been on an upswing: up 8.2% over the past seven days and 2.6% in the last 24 hours, with a 30‑day gain of 8.4% and a one‑year increase of 10.5%. The token recently climbed back above the $2,100 level around the time of the transaction.
The Ethereum Foundation did not disclose any specific price target for future sales; its approach remains to align treasury activity with funding requirements and market conditions.
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