The Ethereum Foundation has completed another large OTC ether sale, offloading 10,000 ETH to institutional buyer BitMine Immersion Technologies as part of its ongoing treasury-management plan.
Deal details
- Counterparty: BitMine Immersion Technologies (led by Fundstrat co-founder Tom Lee)
- Amount: 10,000 ETH
- Average price: $2,292.15 per ETH
- Proceeds: roughly $22.9 million
This transaction is the latest in a series of direct purchases by BitMine from the foundation. In March the foundation sold 5,000 ETH to the same buyer at about $2,042 per ETH (≈$10.2M), bringing the year-to-date total sold to 15,000 ETH.
Why the sales—and why OTC?
The Ethereum Foundation says these conversions follow its formal treasury strategy: periodically converting ETH into fiat to preserve operating runway, fund core activities (protocol research and development, ecosystem growth, community grants), and minimize market disruption. Executing trades over-the-counter is a deliberate choice to avoid pressuring spot markets.
Onchain transparency and institutional accumulation
The foundation expects the onchain transfer to originate from an EF-controlled multisig wallet, consistent with recent transparency efforts around treasury movements. BitMine’s repeated participation underscores its growing role as a major corporate ETH holder and deepens its institutional relationship with the network’s primary steward.
Bottom line
The sale highlights the Foundation’s steady approach to funding operations while illustrating how OTC channels and repeat institutional buyers like BitMine are shaping how large crypto treasuries are managed.
Read more AI-generated news on: undefined/news
