Ethereum Foundation Offloads 5,000 ETH to BitMine for $10.2M

The Ethereum Foundation has sold 5,000 Ethereum to BitMine Immersion Technologies through a direct over-the-counter transaction. The agreed price was $2,042.96 per coin, bringing the total value of the deal to approximately $10.2 million. The Foundation confirmed that the on-chain transfer would originate from a Safe multisig wallet.

The proceeds are earmarked for the Foundation's core operating budget, which covers protocol research and development, ecosystem growth programs, and community grant funding. This sale is part of the Foundation's routine treasury management activities, and it follows a similar deal with SharpLink Gaming in July 2025.

BitMine, chaired by Fundstrat co-founder Tom Lee, has accumulated over 4.5 million Ethereum, making it the largest corporate holder of the asset. The firm's Ethereum holdings are valued at approximately $9.3 billion.