- The Ethereum Foundation completed a 5000-ETH OTC sale to BitMine, worth about $10.2 million at $2042.96 per Ether.
- BitMine expanded its holdings to over 4.53 million ETH while the firm holds billions in unrealized losses.
- ETH trades above $2000, and BMNR stock rose this week, though it remains down more than 26% YTD.
The Ethereum Foundation has made an over-the-counter sale of 5,000 Ether to BitMine Immersion Technologies, worth about $10.2 million at an agreed price of 2,042.96 per ETH. The transfer was verified by posting an official message on X, and blockchain data also shows activity between the foundation and a wallet of the Ethereum treasury company.Â
Ethereum Foundation Confirms OTC Ether Sale
The Ethereum Foundation said the Ether sale was conducted through an over-the-counter agreement with BitMine Immersion Technologies. Blockchain tracking platform Arkham recorded an on-chain transaction linking a wallet controlled by the foundation to a wallet associated with the publicly traded company.
Source: Blockchain Tracking platform Arkham
According to the foundation, the proceeds from the sale will be allocated to operational needs. These include protocol research and development, ecosystem expansion initiatives, and community grant programs that support the broader Ethereum network.
The Ethereum Foundation described the sale as part of its treasury management activities. Such transactions enable the organization to fund ongoing work on the protocolâs technical development and ecosystem support programs. Data linked to the transaction puts the deal value at roughly $10.2 million. The price used for the calculation was $2,042.96 per ETH, the agreed rate for the 5,000 Ether transferred in the deal.
BitMine Expands Its Ethereum Holdings
The purchase increases BitMine Immersion Technologies’ Ethereum holdings, a company listed on the NYSE American under the ticker BMNR. The firm has become one of the largest corporate holders of Ether, with treasury trackers estimating that it currently holds more than 4.5 million ETH.
Based on those trackers, BitMineâs Ether reserves amount to approximately 4,534,563 ETH. The holdings are valued at about $9.3 billion using prevailing market prices. The company recently reported acquiring an additional 60,976 ETH as part of its ongoing accumulation strategy. The latest over-the-counter purchase from the Ethereum Foundation contributes to that expanding position.
Industry data shows the firm has invested around $16.7 billion into acquiring Ether. At current market valuations, those holdings correspond to roughly $7.5 billion in unrealized losses. BitMine is chaired by Fundstrat co-founder Tom Lee. The company has increasingly appeared in industry treasury trackers due to the scale of its digital asset holdings.
Treasury Transfers and Staking Activity
The Ethereum Foundationâs sale followed earlier movements recorded on the blockchain. Three days before the OTC transaction, the organization transferred 24.546 ETH and another 18.49 ETH to separate wallets. Those transfers appeared shortly before the larger sale to BitMine, though the foundation has not indicated a direct link between the earlier transactions and the completed OTC deal.
The company stated that it will stake up to 70,000 ETH as part of the activities to cover operational finances. The Ether sale occurred one day after the Ethereum Foundation released a new mandate outlining the organizationâs role within the ecosystem.
The foundation said its work will concentrate on core protocol upgrades, long-term technical research, cybersecurity initiatives, and developer tools that support the network. At the same time, the mandate indicates that the Ethereum Foundation aims to gradually reduce its direct influence over the network as the ecosystem continues to mature.
BitMine Stock Activity and Ethereum Market Conditions
The Ether purchase comes during a period of movement in BitMineâs publicly traded shares. BMNR stock has risen by more than 5% this week, moving above the $20 level. Despite the recent increase, the stock remains down by more than 26% year to date. On Friday, BMNR closed at $20.55 after trading within a daily range of $20.49 to $22.76.
Market data also shows the stock’s average trading volume at approximately 44.38 million shares. Analyst Donald Dean said BMNR has formed higher lows and new highs since early February. He described the structure as a bullish continuation pattern appearing in the stockâs trading chart.
Dean also pointed to relatively stable conditions in the Ethereum market as a factor influencing the companyâs outlook. According to the analyst, the stability in Etherâs price helps maintain conditions that could support another upward move for the stock.
The Ethereum Foundation transaction occurred while Ether continued trading above the $2,000 level in the broader market. However, the asset has recently dipped below $2,100. At the time of writing, Ether was trading at $2,077.04, representing a decline of approximately 2.7% over the previous 24 hours.
