The Ethereum Foundation (EF) has executed a significant over-the-counter (OTC) sale of 10,000 ETH to BitMine, the cryptocurrency investment firm also identified by its NYSE ticker BMNR. The transaction was completed on April 24, 2026, at an average price of $2,387, generating approximately $23.87 million in proceeds.
The sale was conducted via the EF’s Safe multisig wallet (0x9fC3dc011b461664c835F2527fffb1169b3C213e) to minimize market disruption. The EF explicitly stated that the funds would be used to finance core operations, including protocol development, research and development, ecosystem growth, and community grant programs. This aligns with the EF’s official Treasury Policy released in June 2025, which caps annual operational expenditure at 15% of the treasury and maintains a 2.5-year runway.
According to blockchain analytics firm Arkham, the EF currently holds approximately 92,538 ETH, valued at around $214 million at current prices. Part of this treasury is staked, with earned rewards reinvested into operations. Notably, earlier in April 2026, the EF completed a 70,000 ETH staking campaign, depositing roughly 45,034 ETH to the Ethereum Beacon Chain in multiple lots of about 2,047 ETH each. At an annual staking yield of 2.7%-3.8%, this should generate between $3.9 million and $5.4 million in yearly income.
This OTC sale follows a previous one in March 2026, when the EF sold 5,000 ETH to the same counterparty, BitMine. As of April 20, 2026, BitMine held 4,976,485 ETH, representing 4.12% of the total ETH supply.
Ethereum’s price currently stands at $2,353, up 2.73% over the past five days, but it remains below the psychologically critical $2,500 level. Analysts suggest that breaching $2,500 could signal a recovery. In contrast, Bitcoin has outperformed Ethereum over the same five-day period, gaining 5.81%. Year-to-date, Ethereum has risen 29.8%, though short-term underperformance reflects investor caution in the altcoin market. Factors such as ETF flows and layer-2 solutions have provided some support, but whale selling events like this EF sale continue to weigh on sentiment.
From a technical perspective, a breakout toward the $2,400-$2,500 resistance zone is possible if macroeconomic conditions remain stable. Conversely, failure to hold current levels could lead to further downside. According to Cryptopolitan’s forecast, Ethereum may reach an average price of $5,732.81 by the end of 2026, and in 2029, it could trade between $14,306 and $16,794.
