The Ethereum Foundation (EF) announced that it completed an over-the-counter (OTC) sale of 5,000 ETH over the weekend. According to information disclosed by the organization, proceeds from this sale will be directed to its core operations and other activities.
Ethereum Foundation sells $10 million worth of ETH to BitMine
In a March 14 post on social media platform The EF has identified BitMine Immersion Technologies, the world’s largest Ether holding company, as a counterparty (buyer) in this over-the-counter transaction.
The Ethereum Foundation revealed that Ether tokens will be sold to BitMine at an average price of $2,042.96. Therefore, this deal could be considered a new acquisition for BitMine, an ETH treasury company currently holding over 4.5 million Ether valued at approximately $9.3 billion.
The EF revealed that the on-chain transaction will come from a Safe multisig wallet, and the proceeds from the sale will be directed towards the foundation’s core operations and activities, including protocol research and development (R&D), ecosystem development, community grant funding, and more.
The organization also mentioned that the transaction is part of an ongoing cash management activity based on a recently published policy. In its June 2025 Treasury Policy, the foundation revealed that Ether tokens would be sold to maintain its fiat-denominated assets against the Buffer Opex (operating expenses) target.
Other strategies for their Ether holdings include staking, with over 2,000 ETH deployed so far, and plans to provide around 70,000 ETH to validators using open source infrastructure from third-party providers.
This latest sale to BitMine would represent the second transaction of this nature in less than a year. In July 2025, the Ethereum Foundation sold 10,000 ETH over the counter to SharpLink Gaming – another ETH treasury company – at an average price of $2,572.37 in a transaction worth $25.7 million.
Ethereum Price Overview
The over-the-counter route of this deal means that the price of Ethereum will not face the downward pressure typically associated with centralized exchange sales. Last September, the foundation announced plans to sell 10,000 ETH via public exchanges, sparking criticism from cryptocurrencies.
At the time of writing, the ETH price stands at around $2,086, reflecting a decline of over 1% in the last 24 hours. This drop from the day before is not enough to erase the altcoin’s weekly gain, which stands at almost 7% over the last seven days.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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