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 the counterparty. The transaction follows a continuing pattern of structured selling that has defined the Foundation’s treasury activity in recent months.
Ethereum Foundation Completes Third Deal With Bitmine
In an X post on May 1, 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 earmarked for the Foundation’s core operations, covering protocol research and development, ecosystem expansion, and community grants.
0/ Today, the Ethereum Foundation finalized the terms of a 10,000 ETH sale 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 10,000 ETH sale followed on April 24 at $2,387, valued at roughly $23.87 million. Combined with the latest deal, 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 emerged as the most aggressive corporate accumulator of Ethereum globally. The company currently holds over 5 million ETH, representing approximately 4.21% of the entire circulating supply, and has publicly set its sights on reaching 5%.
Ethereum Foundation: The Bigger Picture
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, it had staked approximately $143 million in ETH, reaching its 70,000-ETH staking target. Despite that, direct sales have continued in parallel, with the Foundation’s fiat-denominated reserve requirements creating an ongoing need to monetize holdings regardless of market conditions.
The Foundation’s remaining ETH reserves currently stand at approximately 92,500 ETH, valued at around $214 million, and an on-chain analytics firm, Arkham, warns that holdings could be exhausted by 2027 at the current pace. At press time, ETH is trading around $2,290 as May commences, following a roughly 7% monthly gain in April. Meanwhile, the Ethereum Spot ETF has recently recorded 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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