Ethereum Foundation closes third OTC sale, moves 10,000 ETH to BitMine

The Ethereum Foundation has completed a third over-the-counter sale of ETH to BitMine Immersion Technologies, offloading 10,000 ETH at an average of $2,292 per coin — roughly $22.9 million. The move continues a pattern of regular Foundation exits into a single counterparty, with the latest transaction following a similar 10,000 ETH sale completed just a week earlier at $2,387 per ETH. In total, the Foundation has moved about $47 million worth of ETH to BitMine over the past week, according to an official post on X.

The Foundation said the proceeds will support its core operations and activities, including protocol research and development, ecosystem development, and community grant funding. The disclosure comes after the Foundation unstaked 17,035 ETH last week, worth about $40 million, a move that appears to undercut a previously stated target of reaching 70,000 ETH staked. The evolution of the Foundation’s treasury activities has kept market observers watching how the ETH reserve is used and whether the sales reflect broader treasury management choices at a time of shifting staking dynamics.

Key takeaways

• The Ethereum Foundation’s latest OTC sale to BitMine delivered 10,000 ETH at an average of $2,292, adding to a prior week’s 10,000 ETH sale at $2,387 and a March sale of 5,000 ETH at around $2,043 — the Foundation’s combined BitMine transactions total about $47 million in a short span.
• BitMine Immersion Technologies remains the largest Ethereum treasury holder, approaching 5 million ETH, and has boosted its staking share dramatically to 83% of holdings (about 4.19 million ETH), equating to roughly $9.5 billion staked based on recent prices.
• The Foundation’s unstaking of 17,035 ETH last week highlighted tensions around its stated goal for on-chain staking and raised questions about liquidity management versus long-term staking commitments.
• ETH currently trades near $2,303, holding a fraction of its all-time high and illustrating the ongoing structural and regulatory considerations surrounding ETH’s use as a treasury asset and its role within large-scale staking ecosystems.

EF’s sales pattern: liquidity needs, not liquidation alarms

Through three consecutive OTC dispositions to the same counterparty, BitMine, the Ethereum Foundation has created a recurring liquidity channel that funds ongoing protocol work and ecosystem initiatives. The most recent 10,000 ETH sale at $2,292 per ETH, combined with the previous week’s 10,000 ETH sale at $2,387, indicates a consistent price band in the low-$2,000s over this period. A first sale in March of 5,000 ETH at around $2,043 establishes a broader context of the Foundation adjusting its balance sheet while attempting to preserve core operational funding.

In aggregate terms, the Foundation’s ETH withdrawals have generated roughly $47 million in the last week alone, underscoring how treasury management has shifted from broad public fundraising or grant activity to a more targeted, bilateral approach with BitMine. The Foundation described the proceeds as supporting core activities, highlighting R&D work on protocol improvements, ecosystem development, and community funding — a reminder that treasury strategies can directly influence the pace of Ethereum’s ongoing evolution.

Unstaking, policy signals, and what remains uncertain

Last week’s unstaking of 17,035 ETH — valued at about $40 million at current prices — adds nuance to the Foundation’s risk calculus. The move appears to temper a stated objective of reaching 70,000 ETH staked, suggesting a recalibration of how much liquidity the Foundation is comfortable offloading versus the amount it wants to lock into staking as a governance-backed security for Ethereum’s long-term security model. Even as the Foundation has previously signaled intentions to limit sales, its current activity shows a willingness to monetize a portion of its holdings to fund ongoing work, a strategy that continues to draw scrutiny from community members and market watchers who weigh treasury transparency against long-term protocol commitments.

Industry observers have noted that the Foundation’s treasury policy has evolved over time. A prior stance to cap or slow sales has given way to a more nuanced approach that balances funding needs with the stability of ETH’s market and the broader governance of the project. While staking remains a cornerstone of Ethereum’s security model, the ETF-like dynamics of large-scale ETH treasuries—whether from foundations, funds, or corporate treasuries—continue to raise questions about market concentration, liquidity, and potential implications for price discovery during periods of heavy selling pressure.

BitMine’s expanding ETH portfolio and staking posture

BitMine Immersion Technologies sits at the center of these developments as the single largest Ethereum treasury holder, with close to 5 million ETH on its books. The company’s recent activity includes a move earlier in the year that added 101,901 ETH in what was described as its largest weekly purchase of the year, signaling aggressive accumulation even as some holders exit or reallocate.

The firm has simultaneously scaled its staking activity. Data cited by market observers indicate that roughly 83% of BitMine’s ETH holdings are now staked — about 4.19 million ETH — a share that translates into significant ongoing network security and rewards potential. At current price levels, this stake equates to approximately $9.5 billion in value, highlighting the scale of BitMine’s influence within the Ethereum ecosystem and the potential impact on liquidity and staking yield dynamics as the year progresses.

The rapid uptick in staking from roughly 70% the prior week signals a realignment in BitMine’s strategy, moving toward deeper participation in Ethereum’s consensus mechanism. This level of commitment has broad implications for ETH’s yield environment, validator economics, and the potential for further concentration of staking power among a handful of large holders who are actively stacking ETH for longer durations.

Market context and what to watch next

ETH prices have hovered around $2,303, broadly flat on the day and down more than half from the all-time high near $4,953 achieved last August. The price backdrop matters, not only for retail traders but for large treasury decisions that hinge on the relative value of ETH for both sale proceeds and staking economics. As the Ethereum Foundation continues to balance operations funding with the broader security and development agenda of the network, investors will be watching for any shifts in treasury policy, including whether further OTC sales appear or if the Foundation pivots more decisively toward reinvestment via ecosystem programs or protocol work.

For BitMine, the combination of a near-5 million ETH portfolio and an 83% staking rate reinforces the firm’s prominence in the Ethereum space. Investors and developers alike will want to monitor whether BitMine broadens its stake further, potentially affecting liquidity and validators’ distribution. On the regulatory side, heightened scrutiny of large cryptocurrency treasuries and the mechanisms through which they deploy capital could shape how similar entities manage risk, disclosures, and governance in the months ahead.

As the market digests these developments, readers should watch for any formal updates from the Ethereum Foundation regarding treasury policy or new disclosures about their liquidity planning. Additionally, changes in staking dynamics, particularly if BitMine’s share continues to climb or if other major holders adjust their posture, could influence ETH’s price trajectory and the pace of ecosystem funding over the near term.