TLDR

  • The Ethereum Foundation conducted an over – the – counter (OTC) deal, selling 5,000 ETH to BitMine Immersion Technologies (BMNR). The deal was worth approximately $10.2 million, with each ETH priced at $2,042.96.
  • This marks the Ethereum Foundation’s second corporate OTC ETH sale. The first was a $25.7 million deal with SharpLink Gaming in July 2025.
  • BitMine, chaired by Tom Lee of Fundstrat, is now the largest publicly traded Ether treasury firm, holding more than 4.5 million ETH, which is currently worth around $9.3 billion.
  • The proceeds from this sale will be used to fund the Ethereum Foundation’s core operations, including protocol research and development, ecosystem growth, and community grants.
  • The sale is in line with the Ethereum Foundation’s treasury framework. This framework aims for annual spending to be around 15% of the treasury value, with a multi – year operating buffer.

The Ethereum Foundation has sold 5,000 ETH to BitMine Immersion Technologies (BMNR) in a direct over – the – counter transaction, with the deal valued at approximately $10.2 million. The average price per ETH in this deal was $2,042.96.

The Foundation announced the sale on Saturday through a post on X. The on – chain transfer will be initiated from an Ethereum Foundation Safe multisignature wallet.

BitMine is listed on the NYSE American under the ticker BMNR. It is chaired by Tom Lee, co – founder of Fundstrat, who has been a vocal advocate for using Ethereum as a corporate treasury asset.

Bitmine Immersion Technologies, Inc., BMNR
BMNR Stock Card

The firm holds more than 4.5 million ETH, currently valued at about $9.3 billion. This makes BitMine the largest publicly traded Ether treasury company globally.

BitMine’s portfolio consists almost entirely of ETH. The company also holds around 195 BTC, over $1 billion in cash, and equity stakes in several other companies.

These stakes include an investment in Beast Industries (the company behind YouTube creator MrBeast) after a $200 million investment. BitMine also holds a 7% stake in Eightco, a Worldcoin treasury firm.

Since mid – 2025, the company has been steadily accumulating ETH, following a model similar to Strategy’s Bitcoin accumulation strategy.

EF’s Second Corporate OTC Deal

This is the second time the Ethereum Foundation has directly sold ETH to a corporate treasury buyer. In July 2025, the Foundation sold 10,000 ETH to SharpLink Gaming at an average price of $2,572.37, for a total of around $25.7 million.

These sales are part of the Ethereum Foundation’s treasury management framework introduced in June 2025. This framework requires the Foundation to periodically convert a portion of its ETH into fiat to maintain an operating reserve.

The Ethereum Foundation aims for annual operating expenses to be about 15% of its total treasury value. It also intends to maintain a 2.5 – year operating buffer, which determines how often and how much ETH is sold.

The proceeds from the BMNR deal will be used for protocol research and development, ecosystem growth initiatives, and community grant programs.

EF Staking and New Mandate

This sale comes shortly after the Foundation announced plans to stake up to 70,000 ETH using open – source validator infrastructure. This move is intended to generate returns and increase the Foundation’s involvement in the Ethereum network.

Earlier this week, the Ethereum Foundation also published a new mandate document that outlines its role in managing the Ethereum ecosystem. The document emphasizes decentralization, resistance to censorship, open – source development, and user sovereignty.

The Foundation stated that it will focus on core protocol upgrades, long – term research, cybersecurity, and developer tools. It also plans to gradually reduce its direct influence on the broader network over time.

According to industry treasury trackers, BitMine currently holds more than 4.5 million ETH.