The Ethereum Foundation has sold 10,000 ETH via an over-the-counter (OTC) transaction to cryptocurrency investment firm Bitmine (BitMNR) at an average price of $2,292.15 per token, raising approximately $22.9 million. The sale was confirmed on May 1, 2026, and marks the second such OTC deal between the foundation and Bitmine in 2025.
The proceeds will be allocated to protocol research and development (R&D), ecosystem growth, community grants, and other core operational activities. By using an OTC method, the foundation aims to avoid price slippage and market disruption that could occur from a public exchange sale.
This transaction follows a similar sale on April 24, 2025, where the foundation sold 10,000 ETH to Bitmine at an undisclosed price. In total, the Ethereum Foundation has sold 20,000 ETH to Bitmine in 2025, raising over $45 million. Additionally, the foundation had previously converted 5,000 ETH into stablecoins.
Industry analysts view the OTC sales as a prudent strategy, allowing the foundation to fund its operations without signaling bearish sentiment to the broader market. Bitmine, a digital asset management and mining firm, may use the acquired ETH for staking, liquidity provision, or client portfolio management.
