Ethereum Foundation Dumps 10,000 ETH to BitMine

• The Ethereum Foundation sold 10,000 ETH to BitMine via OTC at an average price of $2,387 as per a recent post. 
• The sale totals about $23.9 million and will fund core operations, including protocol R&D, ecosystem development, and community grants. 
• The Ethereum Foundation’s ETH holdings were recently estimated at 92,538 ETH, with part of the treasury staked. 

The Ethereum Foundation has completed another treasury sale, moving 10,000 ETH to BitMine in an over-the-counter transaction that adds nearly $24 million to its operating pool. 

Wu Blockchain said that the Ethereum Foundation sold 10,000 ETH to BitMine through an OTC deal at an average price of $2,387. The Ethereum Foundation then confirmed the sale in its own thread, saying the transaction had been finalized and naming BitMine as the counterparty. 

At that price, the deal is worth about $23.9 million. The foundation said the proceeds will support its core operations and activities, including protocol research and development, ecosystem development, and community grant funding. It also said the transaction forms part of its ongoing treasury management activities. 

Sale Extends the Foundation’s Recent OTC Pattern

The sale comes after the foundation completed another OTC sale of 5,000 ETH to BitMine in March, also to support protocol development, ecosystem growth, and grant programs. That makes the April transaction a continuation of the same treasury funding approach rather than a one-off disposal. 

Additionally, the foundation also revealed that the on-chain transfer for the recent sale would be from a particular EF Safe multisig. That adds transparency to the details of the sale, as well as linking it to the foundation’s treasury strategy.

The Foundation Still Holds a Large ETH Treasury

Even after the sale, the Ethereum Foundation remains a major ETH holder. Recent reporting estimated its treasury at about 92,538 ETH, worth roughly $214 million at the time of publication, with part of those holdings already staked. 

That context matters since the sale does not represent a full change in treasury posture. Instead, it shows the foundation is continuing to use selective OTC transactions to convert part of its ETH reserves into operating capital while maintaining a sizable on-chain treasury. 

Security Work Remains Active Around the Ecosystem

Meanwhile, the sale also comes one week after Coin Edition reported on an Ethereum Foundation-backed security investigation that identified about 100 North Korean IT workers operating across roughly 53 Web3 and crypto projects under false identities. 

That earlier report said the ETH Rangers-backed probe also recovered or froze more than $5.8 million and identified over 785 vulnerabilities. Those findings were separate from the treasury sale, but they show the foundation remains active across both ecosystem funding and security-related work.

Notably, the deal also keeps attention on how major crypto institutions are managing balance sheets in 2026. While market participants often focus on token price movements, treasury sales, OTC executions, and funding plans remain critical in how major players in the ecosystem support ongoing operations without solely relying on the exchanges.

Related: BIS Warns Crypto Exchanges Are Acting Like Shadow Banks