CMC News

Ethereum Foundation Sells $10.2M in ETH to BitMine in OTC Deal

The Ethereum Foundation sold 5,000 $ETH to BitMine Immersion Technologies on Saturday through a direct over-the-counter transaction. The agreed price was $2,042.96 per coin, bringing the total value of the deal to approximately $10.2 million. The Foundation confirmed that the on-chain transfer would originate from a Safe multisig wallet. #EthereumFoundation

The proceeds are earmarked for the Foundation's core operating budget. That budget covers protocol research and development, #ecosystem growth programs, and community grant funding. The Foundation described the sale as part of its routine treasury management activities. #ETH

This is the second OTC deal the Foundation has completed with a corporate $ETH treasury buyer. The first took place in July 2025, when the Foundation sold 10,000 $ETH to SharpLink Gaming at an average price of $2,572.37, in a transaction valued at roughly $25.7 million. SharpLink currently ranks as the second-largest corporate holder of $ETH.

Both transactions fall under a treasury management framework that the Foundation introduced in June 2025. The policy sets a target of annual spending equal to approximately 15% of total treasury holdings. It also requires maintaining a multi-year operating runway to ensure long-term financial stability.

BitMine, listed on NYSE American under the ticker BMNR, is chaired by Fundstrat co-founder Tom Lee. The firm began accumulating $ETH in mid-2025, following an approach modeled on Strategy's $BTC acquisition strategy. It now holds more than 4.5 million $ETH, making it the largest corporate holder of the asset, with holdings valued at approximately $9.3 billion. #BitMine #crypto