- The Ethereum Foundation sold 10,000 ETH to BitMine Immersion Technologies on Friday, marking its third major OTC deal with the firm.
- Total sales to BitMine have reached approximately $47 million over the last seven days to fund protocol R&D and ecosystem grants.
- BitMine, led by Tom Lee, has emerged as the world’s largest corporate ETH holder with nearly 5 million ETH in its treasury.
The Ethereum Foundation has significantly increased the pace of its ETH liquidations, offloading 10,000 ETH (approximately $23 million) to the digital asset treasury firm BitMine Immersion Technologies. This latest over-the-counter (OTC) transaction, finalized on Friday, represents the third such deal between the organizations and brings the Foundation’s total divestment to BitMine to $47 million within a single week.
According to public disclosures, the sale was executed at an average price of $2,292.15 per token. This follows a near-identical sale of 10,000 ETH just seven days prior at an average price of $2,387. The Foundation noted that these transactions are conducted under its treasury management framework, which was established in mid-2025 to maintain a fiat-based operating reserve and ensure a multi-year runway for the non-profit.
The proceeds from these sales are earmarked for core operations, including protocol research and development, community grants, and ecosystem growth initiatives. While the Foundation has faced historic scrutiny for its selling patterns, it has recently balanced these liquidations by staking a portion of its remaining holdings to generate yield, though reports indicate it also unstaked 17,035 ETH last week, suggesting a shift in its liquid asset targets.
BitMine, chaired by Fundstrat co-founder Tom Lee, has utilized these purchases to solidify its position as the preeminent corporate holder of Ethereum. The firm currently controls nearly 5 million ETH, valued at over $11 billion, and has transitioned its business model toward a digital asset treasury and staking powerhouse. Data shows that BitMine currently stakes approximately 83% of its total ETH holdings, earning network rewards while maintaining a long-term bullish stance on the asset.
“We’re thrilled to partner with the Ethereum Foundation… this acquisition represents an opportunity to solidify our position in the industry,” stated Bitmine CEO Tom Lee following the recent accumulation.
Market analysts observe that while the Foundation’s sales add sell-side pressure, the OTC nature of the deals with BitMine—a buyer committed to long-term staking—mitigates the immediate impact on spot market prices. As of Saturday evening, ETH was trading relatively flat near the $2,300 level.
Disclaimer: This article is for informational purposes only and does not constitute advice of any kind. Readers should conduct their own research before making any decisions.
