The Ethereum Foundation has completed another over-the-counter sale of its ETH holdings, this time offloading 10,000 ETH to BitMine Immersion Technologies as counterparty. The transaction follows the continued pattern of structured sales that have defined the Foundation’s financial activities in recent months.
Ethereum Foundation completes third transaction with Bitmine
In a May 1st X post, the Ethereum Foundation reported its latest transaction with Bitmine, which included an over-the-counter sale of 10,000 ETH. Proceeds from the sale will be used to support the foundation’s core business, which covers protocol research and development, ecosystem expansion, and community grants, the announcement said.
0/ Today, the Ethereum Foundation finalized the terms of a 10,000 ETH sale via OTC at an average price of $2,292.15.
For this sale, our OTC compatible vendors are: @BitMNR.
— Ethereum Foundation (@ethereumfndn) May 1, 2026
Interestingly, this recent event marks the third ETH sale transaction between the 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 took place on April 24th for $2,387, equating to a value of approximately $23.87 million. Together with the latest transaction, the Foundation transferred a total of 25,000 ETH to BitMine in three OTC transactions.
On the receiving end, BitMine, chaired by Tom Lee of Fundstrat, has emerged as the most active corporate accumulator of Ethereum globally. The company currently holds over 5 million ETH, which is approximately 4.21% of the total circulating supply, and has a public goal of reaching 5%.
Ethereum Foundation: The Big Picture
Following criticism of periodic ETH sales in the past, the Ethereum Foundation introduced an updated financial policy framework in June 2025 to reduce direct offloads by deploying capital into DeFi protocols and staking ETH to generate alternative income. By April, they had staked approximately $143 million ETH and achieved their staking goal of 70,000 ETH. Nevertheless, the Foundation’s fiat reserve requirements create an ongoing need to monetize its holdings regardless of market conditions, and direct sales continue in parallel.
The Foundation’s remaining ETH reserves are currently approximately 92,500 ETH, valued at approximately $214 million. warns on-chain analytics firm Arkham. At the current pace, holdings could be depleted by 2027. At the time of writing, ETH has been trading around $2,290 since the beginning of May, following a monthly increase of about 7% in April. Meanwhile, the Ethereum Spot ETF recently recorded weekly net outflows of $82 million, marking the third consecutive week of positive net inflows. However, cumulative inflows remained positive at $12.02 billion.
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