The Ethereum Foundation has completed another over-the-counter sale of its ETH holdings, this time handing over 10,000 ETH to BitMine Immersion Technologies as consideration. The transaction follows an ongoing pattern of structured sales that has defined the Foundation’s treasury activity in recent months.
Ethereum Foundation enters into third agreement with Bitmine
In a May 1 X article, the Ethereum Foundation reports its latest transaction with Bitmine involving an OTC sale of 10,000 ETH. The announcement explains that proceeds from the sale are intended for the Foundation’s core operations, covering research and protocol development, ecosystem expansion, and community grants.
0/ Today, the Ethereum Foundation finalized the terms of a sale of 10,000 ETH at an average price of $2,292.15 via OTC.
For this sale, our OTC counterpart was @BitMNR.
– Ethereum Foundation (@ethereumfndn) May 1, 2026
Interestingly, this recent event marks the third ETH sale transaction between the two parties. In March, the Foundation sold 5,000 ETH to BitMine at an average price of $2,042.96, worth approximately $10.2 million. A subsequent sale of 10,000 ETH followed on April 24 at $2,387, valued at approximately $23.87 million. In combination with the latest agreement, the Foundation has now transferred a total of 25,000 ETH to BitMine across three OTC transactions.
On the receiving end, BitMine, chaired by Fundstrat’s Tom Lee, has become the world’s most aggressive enterprise accumulator of Ethereum. The company currently holds over 5 million ETH, representing approximately 4.21% of the entire circulating supply, and publicly aims to reach 5%.
Ethereum Foundation: Overview
Following criticism of past periodic ETH sales, the Ethereum Foundation introduced an updated treasury policy framework in June 2025 to reduce direct offloads by deploying capital into DeFi protocols and staking ETH to generate alternative income. By April, he had staked around $143 million in ETH, reaching his stake goal of 70,000 ETH. Despite this, direct sales continued in parallel, with the Foundation’s fiat currency reserve requirements creating a continued need to monetize holdings regardless of market conditions.
The Foundation’s remaining ETH reserves currently stand at approximately 92,500 ETH, valued at approximately $214 million, and an on-chain analytics company, Arkham, warns that reserves could be exhausted by 2027 at current rates. At press time, ETH is trading around $2,290 in early May, following a monthly gain of around 7% in April. Meanwhile, the Ethereum Spot ETF recently saw weekly net outflows of $82 million, breaking a three-week streak of positive net flows. However, cumulative inflows remain firmly positive at $12.02 billion.
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