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The Ethereum Foundation (EF) has completed an over-the-counter (OTC) sale of 5,000 ETH to BitMine Immersion Technologies (BMNR) for approximately $10.2 million.
The EF said the transaction cleared at an average price of $2,042.96 per ETH, with proceeds intended to support its core operations, including protocol research and development, ecosystem growth, and community grants.
According to the EF, the sale involved 5,000 ether (ETH) executed in an OTC transaction with BitMine Immersion Technologies, described as one of the top crypto treasury firms.
The Foundation placed the transaction’s value at roughly $10.2 million, based on the average clearing price of $2,042.96 per ETH.
The EF said the sale aligns with its reserve management policy, which is designed to balance holding ETH with maintaining sufficient fiat or fiat-like assets to cover operating costs.
The Foundation also stated that it aims to keep annual operating expenses near 15% of treasury value, supported by a 2.5-year operating buffer—an approach that influences how often it sells ETH.
The sale comes less than a month after the EF began staking up to 70,000 ETH to support its operations and deepen its role in the Ethereum ecosystem.
BitMine, led by Fundstrat’s Tom Lee, was the counterparty in the deal. The firm is described as the largest publicly traded ether treasury company, holding around 4.53 million ETH, worth more than $9.4 billion.
The firm’s portfolio is said to be almost entirely ether. It also holds around 195 BTC and more than $1 billion in cash, along with equity stakes, including a share of Beast Industries (the company behind YouTube creator MrBeast) following a $200 million investment, and a 7% stake in the worldcoin treasury firm Eightco.
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