The Ethereum Foundation (EF) has announced that it has completed the sale of 5,000 ETH over the weekend. According to the disclosure of the organization, the proceeds from this sale will be directed to its core and other activities.
The Ethereum Foundation is selling $10 million worth of ETH to BitMine
In a March 14 post on social media platform X, the Ethereum Foundation said it had completed a 5,000 ETH OTC deal, worth about $10.21 million. EF BitMine identified Immersion Technologies, the largest corporate holder of Ether in the world, as a counterparty (buyer) in this exchange transaction.
The Ethereum Foundation revealed that Ether tokens are being sold to BitMine at an average price of $2,042.96. Therefore, this deal can be seen as a new acquisition for BitMine, an ETH treasury company that currently has more than 4.5 million Ether with a value of about $9.3 billion.
EF disclosed that on-chain transactions will be received from the Safe multisig wallet, and the proceeds from the sale will be directed to the foundation’s core operations and activities, including protocol research and development (R&D), ecosystem development, community grant funding, and more.
The organization also noted that the transaction is part of ongoing treasury management activities based on the recently published policy. In its June 2025 treasury policy, the foundation indicated that Ether tokens would be sold to maintain fiat assets from the Opex (operating expenses) buffer.
Other strategies include staking for their Ether holdings, with more than 2,000 ETH deployed to date, and plans to provide around 70,000 ETH to validators using open source infrastructure from third-party providers.
This latest sale represents BitMine’s second deal of this nature in less than a year. In July 2025, the Ethereum Foundation sold 10,000 ETH to SharpLink Gaming – another ETH treasury company – at an average price of $2,572.37 per transaction for a total of $25.7 million.
Ethereum price overview
The exchange route of this deal means that the price of Ethereum will not face the unbearable pressure that is usually associated with a centralized sale of the exchange. Last September, the foundation announced plans to sell 10,000 ETH through public exchanges, sparking criticism from the crypto crowd.
As of this writing, the price of ETH is around $2,086, reflecting a decline of more than 1% in the last 24 hours. This drop from the previous day is not enough to wipe out the altcoin’s weekly gain, which has been around 7% over the past seven days.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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