Ethereum Foundation Completes 5,000 ETH Sale in $10M OTC Deal — Details
The Ethereum Foundation (EF) announced that it has completed an over-the-counter (OTC) sale of 5,000 ETH over the weekend. According to the company’s disclosure, the proceeds from this sale will be directed to its core business and other activities.
Ethereum Foundation Sells $10 Million in ETH to BitMine
In a March 14 post on social media site X, the Ethereum Foundation said it had completed a 5,000 ETH OTC deal, valued at $10.21 million. EF has identified BitMine Immersion Technologies, the world’s largest holding company for Ether, as a partner (buyer) in this over-the-counter deal.
The Ethereum Foundation revealed that Ether tokens will be sold on BitMine at an estimated price of $2,042.96. Therefore, this agreement can be considered as a new acquisition of BitMine, an ETH treasury company that currently holds more than 4.5 million Ether with an estimated value of $9.3 billion.
EF revealed that the on-chain activity will come from the Safe multisig fund, and the proceeds from the sale will be directed to the foundation’s main activities and activities, including research and protocol development (R&D), ecosystem development, public grant funding, and more.
The agency also said that the transaction is part of the ongoing work of managing the treasury based on the newly published policy. In its treasury policy in June 2025, the foundation stated that Ether tokens will be sold to save its fiat-denominated assets from the Opex (operational costs) that Buffer aims for.
Other strategies for holding Ether include staking, with 2,000 ETH used so far, and plans to provide 70,000 ETH to validators using open source infrastructure from third-party providers.
This latest sale of BitMine would represent the second such deal in less than a year. In July 2025, the Ethereum Foundation sold 10,000 ETH over the counter to SharpLink Gaming – another ETH treasury company – for an average price of $2,572.37 in a transaction worth $25.7 million.
Ethereum price overview
The mechanism of this over-the-counter deal means that the price of Ethereum will not face the bearish pressure that is often associated with the sale of centralized exchanges. Last September, the foundation announced plans to sell 10,000 ETH through a public exchange, causing criticism from the crypto crowd.
As of this writing, the price of ETH stands at around $2,086, representing a drop of more than 1% in the last 24 hours. This drop from the previous day was not enough to erase the altcoin’s weekly gain, which stands at about 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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