The Ethereum Foundation has officially announced the sale of 10,000 ETH to BitMine Immersion Technologies through an over-the-counter (OTC) transaction. Completed at an average price of $2,387 per ETH, the total value of the sale reached $23.87 million. Foundation representatives stated that all proceeds would be used to fund core activities, prioritizing protocol research, network development, and grants to the wider community. Headquartered in Switzerland, the Ethereum Foundation remains one of the primary sources of funding for global research, development, and ecosystem support around the network.
BitMine’s growing ethereum holdings
BitMine Immersion Technologies has continued to stand out as an aggressive institutional investor in the digital asset space, accumulating ethereum at a rapid pace. Under the leadership of Tom Lee, BitMine’s total ETH balance has reached 4,976,485 coins. Notably, the company purchased 101,627 ETH last week alone—the biggest weekly ethereum investment in 2026 so far. As a result, BitMine now holds about 4.12% of all circulating ethereum, with its ETH holdings surpassing $11.5 billion in total market value.
The Ethereum Foundation explained, “The 10,000 ETH sale is intended to support our core operations and activities. Top priorities include protocol research, ecosystem development, and community grant initiatives.”
Funding model and strategic sales
According to official statements, the Foundation’s primary funding model relies on periodic crypto asset sales. The organization recently converted $11 million worth of ETH to stablecoins, channeling the funds into research, grant projects, and ecosystem-support initiatives. Addressing frequent criticism about recurring ETH sales, the Foundation previously pledged to strike a better balance between direct sales, staking, and investments in decentralized finance (DeFi) products. In this direction, a dedicated DeFi ecosystem wallet composed of 50,000 ETH was established at the start of 2025. Still, when operational costs arise, direct asset sales remain a key part of the financing process.
BitMine’s targets and significance of the new purchase
BitMine’s unbroken streak of ether acquisitions has drawn attention at a time when many crypto custody firms are slowing or pausing their purchases. Reports indicate that BitMine is aiming for a total holding of 5 million ETH, nearly 5% of the entire supply. The firm currently holds more ether than any other institutional entity, and its total assets have climbed close to $12.9 billion.
Choosing over-the-counter deals enables BitMine to avoid liquidity constraints and slippage that can occur with large exchange trades. This approach allows the company to execute sizable transactions efficiently and securely, with minimal market impact.
According to CryptoAppsy data, the transaction took place at an ETH unit price of $2,387.
The Foundation is allocating the proceeds from this strategic sale directly into operations that foster sustainable blockchain development. Their stated priorities remain broad research initiatives, ecosystem growth, and ongoing community support through grants.
Meanwhile, BitMine’s accumulation strategy places it in an influential position within the ethereum ecosystem, shaping both liquidity and long-term network stability.
Market watchers note that the scale and timing of BitMine’s purchases set it apart from other institutional players, especially as it edges closer to its 5 million ETH target.
The interplay between large-volume OTC transactions and their use for operational funding underscores the ongoing evolution in how major crypto organizations structure their balance sheets and investment approaches.
Industry experts point to the Ethereum Foundation’s measured sales as a sign of maturing financial strategy, blending sustainable funding with ecosystem responsibility. BitMine’s steady accumulation, meanwhile, may set the pace for other institutions considering a long-term ETH position.
