Ethereum Foundation Sells 5,000 ETH to BitMine in $10.2M OTC Deal

The Ethereum Foundation has disclosed the sale of 5,000 ETH, valued at approximately $10.2 million, to treasury company BitMine in an OTC transaction ^[1]. The deal was executed at an average price of $2,042.96 per ETH and settled on-chain through a Safe multi-signature wallet belonging to the foundation.

According to the foundation, proceeds from the sale will fund core organizational activities, including Ethereum protocol research and development, ecosystem grant programs, and community rewards ^[1].

This marks the second such transaction with a crypto treasury firm. In July, the foundation sold 10,000 ETH to SharpLink Gaming at an average of $2,572.37 per ETH, totaling roughly $25.7 million ^[1].

Despite the fresh acquisition, BitMine's broader Ethereum strategy remains deeply underwater. The company, which holds approximately 4.42 million ETH — making it the largest Ethereum treasury firm by holdings — is currently sitting on an unrealized loss of nearly 44%, equivalent to around $7.3 billion, according to DropsTab data ^[1]. BitMine's average purchase price stands at $3,768 per ETH. Founder Tom Lee has continued to defend the long-term investment thesis, maintaining a strategy of regular weekly purchases to gradually lower the portfolio's average cost basis ^[1].