Ethereum Foundation Sells 10,000 ETH In $23M OTC Deal Crypto News

on May 2, 2026
  • Ethereum Foundation sold 10,000 ETH OTC to Bitmine, raising $23M and bringing recent total sales to 25,000 ETH.
  • OTC transactions reduce market impact while funding research, ecosystem growth, and community grants initiatives.
  • Bitmine expands ETH holdings toward 5% supply, staking millions of ETH while increasing institutional exposure.
The Ethereum Foundation sold 10,000 ETH at an average price of $2,292.15 in an OTC deal with Bitmine this Friday. The transaction, confirmed by the Foundation, raised about $23 million to fund operations. It follows earlier sales to the same buyer, bringing recent total OTC sales to 25,000 ETH worth roughly $57 million.

Latest Sale Extends Ongoing OTC Activity

According to the Ethereum Foundation, the deal was finalized directly with Bitmine through an OTC arrangement. The Foundation stated the proceeds will fund protocol research, ecosystem development, and community grants.

Notably, this marks the third recent OTC transaction involving the same counterparty. Previous deals included a 10,000 ETH sale last week and a 5,000 ETH transfer earlier.

As a result, the Foundation has sold 25,000 ETH in recent weeks. The combined transactions reached a weighted average price near $2,280 per ETH.

Meanwhile, the OTC route allows large transfers without affecting exchange order books. This approach reduces immediate price disruption during large sales.

Bitmine Expands Position Toward Supply Target

On the other side, Bitmine Immersion Technologies continues to increase its Ethereum exposure. The firm, led by Tom Lee, has now accumulated about 4.2% of total ETH supply.

Notably, the company aims to reach a 5% ownership threshold. Its recent purchases from the Foundation contribute directly to that target.

Beyond accumulation, Bitmine operates validator infrastructure instead of holding idle reserves. It has staked roughly 3.7 million ETH, valued near $8.8 billion, through its MAVAN platform.

Additionally, the firm holds about $91 million in Eightco Holdings. It continues to maintain high trading liquidity supported by institutional participants.

Treasury Strategy 

Meanwhile, the Foundation continues to manage its reserves through structured sales and staking. It has allocated 70,000 ETH to staking while holding over 82,500 ETH, according to Arkham data.

According to the Foundation, these transactions align with its treasury management policy. Funds support long-term development without relying solely on reserves.

However, some market participants have questioned the pace of recent sales. Others noted that OTC deals limit direct market impact compared to exchange transactions.

Meanwhile, the Foundation has previously stated it aims to balance short-term funding with long-term strategy.

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