The Ethereum Foundation sold 5,000 ETH to BitMine Immersion Technologies for $10.2 million to support core operations. BitMine, chaired by Tom Lee, continu
Ethereum Foundation Completes OTC Sale to BitMine Immersion Technologies
The Ethereum Foundation has completed an over-the-counter (OTC) transaction, selling 5,000 Ether (ETH) to BitMine Immersion Technologies for approximately $10.2 million. The sale was executed at a price of $2,042.96 per ETH. BitMine, a publicly traded company on the NYSE American, currently holds over 4.5 million ETH, valued at roughly $9.3 billion.
Proceeds to Support Core Operations
The Foundation has stated that the funds from this sale will be used to support core operations, including protocol research and development, ecosystem growth initiatives, and community grant programs. The on-chain transfer will originate from an Ethereum Foundation Safe multisignature wallet.
BitMine's Stake in Ether
BitMine, chaired by Tom Lee, a co-founder of Fundstrat, has been a significant holder of ETH. The firm's strategy mirrors that of Bitcoin accumulation models, steadily acquiring ETH since mid-2025.
Historical Context and Future Plans
This transaction marks the second OTC sale by the Ethereum Foundation to a corporate treasury buyer. In July 2025, the organization sold 10,000 ETH to SharpLink Gaming at an average price of $2,572.37, a transaction valued at about $25.7 million. These periodic sales are part of the Ethereum Foundation's treasury management framework, introduced in June 2025. The framework aims to maintain a fiat-based operating reserve, with annual spending targeted at 15% of treasury holdings and a multi-year operating runway.
Foundation's Treasury Management Strategy
Under the framework, the Ethereum Foundation regularly converts a portion of its ETH holdings to ensure financial stability. The organization has also begun staking a portion of its treasury, with plans to deploy around 70,000 ETH into validators using open-source infrastructure.
New Mandate Outlining the Foundation's Role
In a recent development, the Ethereum Foundation released a new mandate emphasizing its role in stewarding the Ethereum ecosystem. The document focuses on decentralization, user sovereignty, and the need for Ethereum to remain censorship-resistant, open source, and privacy-preserving. The foundation aims to scale the protocol to support global adoption while reducing its direct influence over the network.
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