Ethereum Foundation sells 5,000 ETH to BitMine

The Ethereum Foundation sold 5,000 ETH to BitMine Immersion Technologies, a treasury company, in an informal transaction for just over $10.2 million.

Ethereum Foundation uploads 5,000 ETH to BitMine as the price rises above $2K and transactions average $2,042.96 per coin.

The foundation confirmed the sale in a post on X. The proceeds go towards core operations across the Ethereum ecosystem, which include protocol R&D, ecosystem development, community grant funding, and developer support.

This is the second time the foundation has sold ETH directly to a corporate treasury company. Last July, it sold 10,000 ETH to SharpLink Gaming, which was worth about $30 million.

Selling portions of its treasury during various market cycles allows the Ethereum Foundation to finance ongoing development without relying on donations or external sources.

Ethereum Foundation uploads 5,000 ETH to BitMine

BitMine Immersion Technologies has built one of the largest corporate Ethereum positions in the world.

As of early last week, the company reported holding more than 4.5 million ETH. At the latest market prices, these holdings amount to about $9.4 billion, which puts BitMine ahead of other companies that hold ETH on their balance sheets.

ETH rises above $2100 as weekly gains hold

ETH is up 8.2% over the past seven days and 2.6% over the past 24 hours with one price data available. The 30-day gain is 8.4% and the one-year gain is 10.5%. At the time of the transaction, the asset rose above the $2,100 level.

Ethereum Foundation has not disclosed a specific price target for the upcoming sale. Its approach links treasury activities to funding needs and broader market conditions.

The OTC counterparty for this deal was BitMine, which the foundation confirmed in the same X post.

As BitMine adds the foundation’s 5,000 ETH to its existing position, its total holdings could exceed the 4.5 million ETH it reported last week.