Ethereum Foundation Sells 10,000 ETH to Bitmine in $23.9 Million OTC Deal

[cryptoenthusiast]

The Ethereum Foundation has sold 10,000 ETH to Bitmine Immersion Technologies through an over-the-counter block trade, settling at an average price of $2,387 per token for a total of approximately $23.87 million. The sale was executed through the foundation's safe multisig wallet and marks another divestment under a treasury policy formalized in June 2025, which established periodic ETH sales as part of routine operational management. According to the foundation, proceeds fund core operations including protocol research, ecosystem grants, and community funding programs.

On the other side of the trade sits one of Ethereum's most vocal institutional bulls. Bitmine Immersion Technologies, chaired by Fundstrat co-founder Tom Lee, has been aggressively accumulating ETH since 2025 and has become one of the most visible corporate buyers of ether on public markets. The irony of the foundation consistently selling the asset that Bitmine is just as consistently buying has not been lost on the broader crypto community, and the deal has renewed questions about whether the foundation's selling cadence sends the wrong signal about confidence in Ethereum's future.

[johnblockbuster]

foundation: “just treasury management”
community: “sure…”