Ethereum Foundation OTC dumped 10,000 ETH to Bitmine! Exchanged for $23.87 million in operating funds

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The Ethereum Foundation (EF) confirmed yesterday (24th) that it has sold 10,000 ETH via an over-the-counter (OTC) transaction at an average price of $2,387 per ETH, with the counterparty being the recently active institutional whale Bitmine. The foundation emphasized that the approximately $23.87 million in proceeds will be fully allocated to protocol research and development and ecosystem grants. (Previous coverage: Bitmine restakes 75,600 ETH! Total ETH holdings approach 5 million, sweeping 4.12% of the total network supply) (Background: Bitmine aggressively purchased 100,000 ETH last week, total holdings nearing 5 million! Tom Lee: ETH is the "best wartime asset") To ensure the continued evolution of the world's largest smart contract platform, the Ethereum Foundation (EF) has once again conducted a routine financial adjustment of its treasury assets. According to the latest announcement from the official Ethereum Foundation account (@ethereumfndn), the foundation has completed an OTC transaction of 10,000 ETH at an average price of $2,387, realizing approximately $23.87 million. Counterparty Revealed: Institutional Whale Bitmine Takes Over The most intriguing detail of this transaction is the identity of the OTC counterparty. The foundation confirmed that the recipient of the 10,000 ETH is Bitmine Immersion Technologies, the world's largest Ethereum reserve company. According to on-chain data tracking, Bitmine has been highly active in the Ethereum ecosystem recently, with its total ETH holdings astonishingly approaching 5 million, accounting for over 4% of the total network supply. This direct transfer of tokens from the foundation to a high-conviction institutional whale is viewed by the market as a relatively stable asset movement, effectively mitigating the severe price impact that would result from selling directly on the secondary market. 0/ Today, the Ethereum Foundation finalized the terms of a 10,000 ETH sale at an average price of $2,387 via OTC. For this sale, our OTC counterparts was @BitMNR. — Ethereum Foundation (@ethereumfndn) April 24, 2026 Use of Funds: Funding R&D, Community, and Core Operations The Ethereum Foundation detailed the intended use of these funds, emphasizing their importance to the long-term health of the ecosystem: - Protocol R&D: Supporting the upgrades and maintenance of the underlying Ethereum network protocol. - Ecosystem Development: Funding the development of various tools and developer resources. - Community Grants: Providing ongoing financial support to contributors across the global ecosystem. The foundation noted that this operation is fully compliant with its "Treasury Management Policy" announced in June 2025. To maintain operational transparency, the foundation also disclosed the Safe multi-sig wallet address (0x9fC3…213e) used to execute the transaction, allowing the global community to conduct real-time on-chain monitoring.

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