Ethereum Foundation Sells 10,000 ETH to Bitmine for $22.9M

The Ethereum Foundation has completed its latest treasury disposal, selling 10,000 ETH to Bitmine Immersion Technologies through an over-the-counter transaction at an average price of $2,292.15 per token, generating approximately $22.9 million in proceeds. The foundation announced the deal via a post on X on May 1, 2026, identifying Bitmine as the OTC counterparty.

A Recurring Partnership With Strategic Intent

This is the latest in a string of treasury sales this year. The Ethereum Foundation had previously sold 5,000 ETH to Bitmine in March at around $2,042 per token, raising roughly $10.2 million. A separate 10,000 ETH OTC deal with Bitmine was also announced just one week prior, making this the third such transaction between the two parties in 2026 alone.

Proceeds from the latest sale are directed toward core operations, including protocol research and development, ecosystem growth, and community grants — a longstanding funding model for the organization. The foundation has noted that these transactions are part of its formal treasury management strategy, under which ETH holdings are periodically converted into fiat to maintain operating runway and reduce market impact.

The onchain transfer for the latest sale is expected to originate from an Ethereum Foundation-controlled multisig wallet, in line with the foundation's recent push for greater transparency around treasury activity.

Bitmine's Growing Role as Institutional ETH Accumulator

Bitmine, led by Fundstrat CIO Thomas Lee, has emerged as the primary institutional accumulator of ETH through these structured deals. Key figures from Bitmine's current position include:

• Holdings now exceed 5 million ETH — specifically around 5.078 million ETH — valued at more than $11.7 billion at current prices.
• The company has staked approximately 3.7 million ETH, valued near $8.8 billion, via its MAVAN validator platform.
• Bitmine's total assets stand at $12.9 billion, making it the largest public holder of ether and the second-largest public digital asset treasury overall.
• Bitmine's publicly traded stock (BMNR) was priced near $21.78 on Friday, up approximately 10% over the prior month.

Often compared to MicroStrategy in the Bitcoin space, Bitmine differentiates itself by building an active validator network rather than simply holding ETH as a passive treasury asset. By acquiring ETH through structured OTC deals rather than open-market purchases, Bitmine minimizes slippage while signaling long-term institutional conviction.

Ethereum Foundation's Remaining Treasury Position

Despite a steady cadence of sales, the Ethereum Foundation retains a substantial ETH reserve. The foundation has allocated 70,000 ETH to staking to strengthen its treasury position and currently holds more than 82,500 ETH, worth approximately $190 million, according to data from Arkham Intel.

The pattern of recurring, transparent OTC sales to institutional counterparties signals a maturing approach to treasury management — one that prioritizes operational continuity and minimizes on-market disruption while cultivating a deepening relationship with one of the network's largest corporate stakeholders.

Published by Coinplurk.com