The Ethereum Foundation has finalized yet another over-the-counter transaction involving its ETH assets, this time transferring 10,000 ETH to BitMine Immersion Technologies as the counterparty. The transaction aligns with a persistent trend of organized selling that has characterized the Foundation’s treasury operations in recent months. On May 1, the Ethereum Foundation shared an update via X, detailing its recent transaction with Bitmine, which included an OTC sale of 10,000 ETH. The announcement details that proceeds from the sale are designated for the Foundation’s essential operations, which include protocol research and development, ecosystem expansion, and community grants.
Notably, this recent event signifies the third ETH sale transaction occurring between the two parties. In March, the Foundation executed a sale of 5,000 ETH to BitMine, achieving an average price of $2,042.96, totaling around $10.2 million. On April 24, a notable sale of 10,000 ETH occurred at a price of $2,387, amounting to an approximate total of $23.87 million. The latest deal brings the total amount of ETH transferred to BitMine by the Foundation to 25,000, executed through three OTC transactions. On the receiving end, BitMine, led by Fundstrat’s Tom Lee, has positioned itself as the most assertive corporate accumulator of Ethereum worldwide. The company currently possesses more than 5 million ETH, which accounts for about 4.21% of the total circulating supply, and has openly declared its ambition to achieve 5%.
In response to backlash over previous periodic ETH sales, the Ethereum Foundation rolled out a revised Treasury Policy Framework in June 2025. This initiative aims to minimize direct offloads by strategically deploying capital into DeFi protocols and staking ETH to create alternative income streams. By April, it had staked around $143 million in ETH, successfully hitting its 70,000-ETH staking target. Despite this, direct sales have persisted alongside, as the Foundation’s fiat-denominated reserve requirements maintain a constant necessity to monetize holdings, irrespective of market conditions.
The Foundation’s remaining ETH reserves are currently estimated at about 92,500 ETH, which translates to roughly $214 million. An on-chain analytics firm, Arkham, has issued a cautionary note that these holdings may be depleted by 2027 if the current rate of expenditure continues. As May kicks off, ETH is currently trading at approximately $2,290, reflecting a notable 7% increase for the month of April. In a notable development, the Ethereum Spot ETF has experienced weekly net outflows totaling $82 million, ending a three-week run of positive net flows. Nonetheless, cumulative inflows continue to show a strong positive trend, standing at $12.02 billion.