The Ethereum Foundation (EF) announced that it completed an over-the-counter (OTC) sale of 5,000 ETH over the weekend. Proceeds from the sale will be used for core operations and other activities, according to the organization’s disclosure.
Ethereum Foundation sells $10 million worth of ETH to BitMine
In a post on social media platform EF confirmed BitMine Immersion Technologies, the world’s largest Ether holding company, as the counterparty (buyer) in this over-the-counter transaction.
The Ethereum Foundation stated that Ether tokens will be sold on BitMine at an average price of $2,042.96. Therefore, this transaction can be seen as a new acquisition by ETH treasury company BitMine, which currently holds more than 4.5 million Ether worth about $9.3 billion.
EF said on-chain transactions will take place in secure multi-sig wallets, and proceeds from sales will be used for the foundation’s core operations and activities, including protocol research and development (R&D), ecosystem development, and community grant funding.
The organization also noted that the transaction is part of ongoing financial management activities in line with recently announced policies. The foundation stated in its June 2025 Treasury Policy that it will sell Ether tokens to maintain fiat-denominated assets within its Opex (operating expenses) buffer target.
Other strategies for holding Ether include staking, with more than 2,000 ETH distributed to date, and plans to supply approximately 70,000 ETH to validators using open source infrastructure from third-party providers.
This sale to BitMine will be the second transaction of this nature in less than a year. In July 2025, the Ethereum Foundation sold 10,000 ETH over-the-counter at an average price of $2,572.37 in a $25.7 million transaction to SharpLink Gaming, another ETH treasury company.
Ethereum price overview
The over-the-counter route of this transaction means that the Ethereum price will not face the bearish pressure typically associated with centralized exchange sales. Last September, the foundation announced plans to sell 10,000 ETH through a public exchange, sparking criticism from the cryptocurrency industry.
As of this writing, the price of ETH is around $2,086, down more than 1% in the last 24 hours. These past declines are not enough to offset the altcoin’s weekly gains of nearly 7% over the past seven days.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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