The Ethereum Foundation has continued to sell portions of its Ether holdings, completing a series of over-the-counter transactions with BitMine Immersion Technologies totaling about $47 million over a short period.
The latest deal involved the sale of 10,000 ETH at an average price of around $2,292 per token, generating about $22.9 million. This followed a similar transaction days earlier, bringing the combined value of recent sales close to $47 million.
The Ethereum Foundation said the proceeds will fund operations and long-term initiatives, including protocol research, ecosystem development, and grants for developers building on Ethereum.
The organization has long relied on a mix of ETH reserves and periodic sales to support its activities. Converting part of its holdings into cash allows it to maintain flexibility while continuing to invest in the network.
These transactions are carried out over the counter rather than on open markets to reduce price impact and avoid sudden volatility.
For BitMine, the purchases reflect a growing role as a major institutional holder of Ether. The company, chaired by Tom Lee, has been accumulating ETH as part of a treasury strategy focused on long-term exposure.
Recent data indicates that BitMine holds more than 5 million ETH, valued at over $11 billion, making it one of the largest corporate participants in the Ethereum ecosystem.
The Ethereum Foundation’s recent transactions follow a broader pattern. Earlier in the year, it sold 5,000 ETH to BitMine in March, followed by multiple 10,000 ETH sales in the following weeks. It has also completed similar deals with other institutional buyers.
Market reactions have been mixed. Some see the sales as a practical way to secure funding without relying entirely on volatile crypto markets. Others have raised concerns about the size and frequency of the transactions, although there is no evidence pointing to financial strain.
As 2026 progresses, the Ethereum Foundation’s treasury decisions will remain in focus. The combination of ETH sales and ongoing investment shows an effort to manage short-term funding needs while supporting long-term growth.
For BitMine, accumulating ETH reflects confidence in Ethereum’s future despite market fluctuations. These transactions highlight how institutional capital and ecosystem development are becoming more closely connected.
