Ethereum Foundation Sells 10K ETH To Bitmine OTC Deal

• Ethereum Foundation sells 10K ETH through OTC to fund research, development, and ecosystem grants under treasury strategy.

• Bitmine expands holdings through direct deals, nearing target to control about 5% of Ethereum total supply.

• OTC transactions enable large crypto transfers with minimal market impact, supporting steady institutional accumulation.

The Ethereum Foundation confirmed Friday it sold 10,000 ETH to Bitmine Immersion Technologies through an OTC deal. The transaction cleared at an average price of $2,387 per ETH, totaling about $24 million. According to the Foundation, the sale supports operations, including research, development, and ecosystem grants under its treasury management policy.

OTC Deal Expands Bitmine Holdings

The transaction adds to Bitmine’s growing Ethereum reserves. Reports show the firm already held nearly 5 million ETH valued at about $11.5 billion. Earlier this week, on-chain data indicated Bitmine acquired another 100,000 ETH for roughly $234 million.

This latest purchase also follows a similar deal. Last month, Bitmine bought 5,000 ETH from the Ethereum Foundation in another OTC transaction. As a result, the firm continues sourcing large volumes directly rather than relying only on exchanges.

Foundation Outlines Treasury Strategy

According to the Ethereum Foundation, the proceeds will fund core activities. These include protocol research, ecosystem development, and community grant programs. The Foundation stated the sale aligns with ongoing treasury management efforts.

Notably, the transaction will settle on-chain through a Safe multisig wallet controlled by the Foundation. The organization also confirmed it still holds about 92,538 ETH, valued near $214 million, based on Arkham Intel data.

Additionally, part of the remaining treasury has been deployed into staking strategies. This approach forms part of a broader funding structure alongside periodic asset sales.

Bitmine Nears Supply Target

Bitmine’s accumulation strategy remains active as it approaches internal targets. Reports indicate the firm aims to control roughly 5% of Ethereum’s total supply. Current holdings already place it close to that threshold.

The company, chaired by Tom Lee, has continued purchases while other firms slowed activity. Its reported assets recently reached about $12.9 billion, including crypto, cash, and equity stakes.

Meanwhile, the OTC structure allows large trades without significant market disruption. That approach has enabled repeated transactions between Bitmine and the Ethereum Foundation this year.