Ethereum Foundation Sells 5,000 ETH to BitMine for $10.2 Million

Odaily News: The Ethereum Foundation has completed an over-the-counter (OTC) transaction, selling 5,000 ETH to BitMine Immersion Technologies at a price of $2,042.96 per ETH, with a total value of approximately $10.2 million. The transaction was conducted via an on-chain transfer from the Ethereum Foundation's Safe multi-signature wallet. The Ethereum Foundation stated in a post on the X platform that the proceeds will be used to support the core operations of the Ethereum ecosystem, including protocol research and development, community grants, and broader ecosystem development.

BitMine Immersion Technologies is listed on the NYSE American under the ticker symbol BMNR, with Fundstrat co-founder Tom Lee serving as its Chairman. The company currently holds over 4.5 million ETH, valued at approximately $9.3 billion, and has been continuously accumulating ETH since mid-2025.

This marks the second time the Ethereum Foundation has sold ETH to a corporate buyer via an OTC transaction. In July 2025, the Foundation sold 10,000 ETH to SharpLink Gaming at an average price of $2,572.37 per ETH, in a deal worth approximately $25.7 million. These transactions are part of the financial management framework launched by the Ethereum Foundation in June 2025, which allows the Foundation to periodically convert a portion of its ETH holdings into fiat currency reserves to support operational expenditures. Additionally, the Ethereum Foundation recently plans to deploy approximately 70,000 ETH for staking on validator nodes.