The Ethereum Foundation has sold 10,000 ETH to Bitmine Immersion Technologies in an over-the-counter deal worth nearly $24 million. The sale was completed at an average price of $2,387 per ETH, according to the foundation’s statement on X.
Bitmine, led by Chairman Tom Lee, added the ETH to its growing Ethereum treasury as it continues to build one of the largest corporate ETH positions.
The Ethereum Foundation said the sale will support its operating needs and wider ecosystem work. The deal comes as the foundation continues to manage its treasury while Bitmine increases its exposure to ETH during a weak market period.
Ethereum Foundation sells 10,000 ETH
The Ethereum Foundation said it finalized the sale terms on Friday. The transaction was done through an OTC deal with Bitmine rather than through public exchange order books.
“Today, the Ethereum Foundation finalized the terms of a 10,000 ETH sale at an average price of $2,387 via OTC,” the foundation said on X. “For this sale, our OTC counterpart was @BitMNR.”
The foundation said the transfer will come from its Safe multisig wallet. It also shared the wallet address linked to the planned on-chain transaction.
According to the foundation, the sale forms part of its ongoing treasury management work. It said the deal follows its published treasury policy, which guides how the organization funds its activities and manages ETH sales.
The nearly $24 million sale follows another recent move by the foundation to convert around $11 million worth of ETH into stablecoins. That earlier conversion also aimed to fund research, development, grants, and ecosystem programs.
Sale will fund Ethereum operations
The Ethereum Foundation said the funds from the sale will support daily operations and long-term development work. The organization remains one of the main funders of research and open-source development in the Ethereum ecosystem.
“This sale funds the EF’s core operations & activities, including protocol R&D, ecosystem development, community grant funding and more,” the foundation said.
The foundation has faced criticism in the past for selling ETH to fund its work. Some market participants have argued that repeated sales can add pressure to ETH price action, especially during weak market periods.
In response to earlier criticism, the foundation has taken steps to reduce direct ETH sales. Last year, it outlined plans to use DeFi and staking as part of its treasury strategy. Those steps were aimed at generating income while lowering the need for regular market sales.
In January 2025, the foundation seeded a DeFi ecosystem wallet with 50,000 ETH. The move was part of its plan to put some treasury assets to work across Ethereum-based financial tools.
Bitmine expands its ETH treasury
Bitmine has become one of the largest corporate holders of Ethereum. The latest 10,000 ETH purchase adds to a fast-growing treasury that now controls more than 4.9 million ETH.
The company said earlier this week that it held 4,976,485 ETH after buying 101,627 ETH. That amount represented about 4.12 percent of ether’s supply at the time of the update.
Bitmine had also bought 5,000 ETH from the Ethereum Foundation last month for around $10 million. The latest deal shows the company is still adding ETH despite market weakness and pressure on crypto-linked equities.
On April 13, Bitmine said it held 4.87 million ETH. It also said its combined crypto, cash, and “moonshots” holdings stood at $11.8 billion. The company added 71,524 ETH in one week, marking its fastest weekly accumulation since late December 2025.
Bitmine’s ETH push comes as the company faces heavy reported losses. For the quarter ended February 28, 2026, Bitmine posted a net loss of $3.82 billion in its latest 10-Q filing. That compared with a $1.15 million loss in the same period a year earlier.
BMNR shares recently traded near $22, down slightly on the day, according to Yahoo Finance data. The stock remains far below its 52-week high of $161, while its 52-week low stands at $3.92.
ETH price trades below key resistance
Ethereum traded near $2,300 at the time of writing, with daily trading volume around $14.76 billion. The price was up about 1 percent over 24 hours but remained down about 6 percent over the past seven days (per CoinGecko’s data).
Currently, the price is in a recovery phase following the February plunge, but has yet to break through the major resistance levels around $2,400.
The RSI is at 55 and above the neutral 50. This suggests moderate buying pressure but no overbought conditions. A previous bullish divergence in February provided bullish confirmation for the recovery, but the RSI now indicates a slowing of momentum near resistance.
Additionally, the MACD is still weak, with the histogram still negative at -2.87. The MACD line remains close to the signal line, indicating weak bullish momentum, rather than the start of a bearish trend.