The Ethereum Foundation has reportedly finalized an over-the-counter transaction involving 10,000 ETH tokens that were sold directly to BitMine Immersion Technologies (NYSE: BMNR). The publicly traded firm, chaired by crypto analyst Tom Lee, acquired the assets at an average price of $2,387 per token, resulting in a total value of roughly $23.87 million.
This represents the second such direct sale from the Ethereum Foundation to BitMine, illustrating a continued pattern of strategic collaboration between core network supporters and aggressive corporate buyers.
0/ Today, the Ethereum Foundation finalized the terms of a 10,000 ETH sale at an average price of $2,387 via OTC.
For this sale, our OTC counterparts was @BitMNR.
— Ethereum Foundation (@ethereumfndn) April 24, 2026
The Foundation indicated that the funds generated from the sale will directly support essential operations.
These include ongoing protocol research and development, ecosystem expansion grants, and various community funding programs.
The transaction originated from a Foundation-controlled multisig wallet, consistent with its established approach to managing reserves responsibly while minimizing market disruption.
At the time of the deal, ETH was trading near $2,313, reflecting modest daily declines amid broader market conditions.
This latest transfer aligns with BitMine’s broader ambition to build one of the largest corporate Ethereum treasuries.
The company has repeatedly signaled its goal of accumulating up to 5% of the total ETH supply, positioning itself as a major long-term holder.
By acquiring ETH through these structured deals rather than open-market purchases, BitMine minimizes slippage and demonstrates institutional conviction in Ethereum’s fundamentals.
Adding to the bullish on-chain momentum, fresh blockchain analytics show major institutional players ramping up their participation in Ethereum’s proof-of-stake mechanism.
Over the past 24 hours, Grayscale Investments and BitMine collectively moved nearly $500 million worth of ETH into staking, according to data monitored by Arkham Intelligence.
Grayscale alone deposited 102,400 ETH—valued at approximately $237 million—across 32 separate transfers routed through Coinbase Prime.
BitMine, already the world’s largest corporate Ethereum staker and holder, has now locked up more than 70% of its massive ETH position (around 3.5 million tokens worth billions) to earn staking yields.
These staking inflows reduce circulating supply and generate steady returns for the entities involved, reinforcing Ethereum’s economic security model.
BitMine’s aggressive staking push, in particular, highlights a shift from pure accumulation to active network participation, potentially boosting validator decentralization and protocol resilience.
Taken together, the Foundation’s measured ETH sales and the parallel wave of high-value staking underscore a maturing phase for Ethereum.
While the Foundation continues to fund innovation through selective treasury adjustments, institutional giants like BitMine and Grayscale are doubling down on long-term bets via direct holdings and yield-generating commitments. Such activity could help stabilize ETH’s supply dynamics and support network health even as price volatility persists.