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The Ethereum Foundation has completed another over-the-counter (OTC) sale of its ETH holdings, offloading 10,000 ETH to BitMine Immersion Technologies as the counterparty. The transaction follows a structured selling pattern that has characterized the Foundation’s treasury activity in recent months.
In an X post on May 1, the Ethereum Foundation said it finalized an OTC sale of 10,000 ETH at an average price of $2,292.15, with BitMine Immersion Technologies as the OTC counterpart. The Foundation stated that the proceeds are intended to support its core operations, including protocol research and development, ecosystem expansion, and community grants.
The Foundation reported that it finalized the terms of the 10,000 ETH sale at an average price of $2,292.15 via OTC. It identified the counterparty as @BitMNR.
The latest transaction also represents the third ETH sale between the Ethereum Foundation and BitMine. The Foundation previously sold 5,000 ETH to BitMine in March at an average price of $2,042.96 (about $10.2 million). It then sold another 10,000 ETH on April 24 at $2,387, valued at roughly $23.87 million.
Across the three OTC transactions, the Ethereum Foundation has transferred a total of 25,000 ETH to BitMine.
BitMine, chaired by Fundstrat’s Tom Lee, has been described as the most aggressive corporate accumulator of Ethereum globally. The company reportedly holds over 5 million ETH, equivalent to approximately 4.21% of the circulating supply, and has said it aims to reach 5%.
After criticism of past periodic ETH sales, the Ethereum Foundation introduced an updated Treasury Policy Framework in June 2025. The framework is intended to reduce direct offloads by deploying capital into DeFi protocols and staking ETH to generate alternative income.
By April, the Foundation said it had staked approximately $143 million in ETH and reached its 70,000-ETH staking target. Despite this, the article notes that direct sales have continued alongside staking, citing fiat-denominated reserve requirements that create an ongoing need to monetize holdings regardless of market conditions.
The article states that the Ethereum Foundation’s remaining ETH reserves are approximately 92,500 ETH, valued at around $214 million. It also cites Arkham as warning that holdings could be exhausted by 2027 at the current pace.
At the start of May, ETH was reported to be trading around $2,290, following a roughly 7% monthly gain in April. The article also referenced Ethereum Spot ETF flows, noting weekly net outflows of $82 million that broke a three-week streak of positive net flows, while cumulative inflows remained positive at $12.02 billion.
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