The Ethereum Foundation has sold 5,000 ETH worth about $10.2 million directly to BitMine Immersion Technologies through an over the counter transaction as institutional demand for Ethereum continues to grow.
Key Takeaways
- The Ethereum Foundation sold 5,000 ETH to BitMine Immersion Technologies in a deal valued around $10.2 million.
- The transaction was priced near $2,042.96 per ETH and executed through an on chain transfer from the Foundation’s Safe multisignature wallet.
- BitMine continues to expand its Ethereum treasury and now holds more than 4.5 million ETH.
- Large investors and whales are also accumulating ETH during the current price range.
What Happened?
The Ethereum Foundation confirmed that it sold 5,000 ETH to BitMine Immersion Technologies through a private over the counter transaction valued at roughly $10.2 million. The deal allows the Foundation to raise funds for ecosystem development while avoiding direct selling pressure on public exchanges.
The transaction reflects a growing trend where institutional buyers directly acquire Ethereum from large holders instead of buying through open markets.
0/ Today, the Ethereum Foundation finalized the terms of a 5,000 ETH sale at an average price of $2,042.96 via OTC.
— Ethereum Foundation (@ethereumfndn) March 14, 2026
For this sale, our OTC counterparty was @BitMNR.
Ethereum Foundation Uses OTC Deals to Fund Development
The Ethereum Foundation has been gradually adjusting how it manages its treasury to support long term development of the Ethereum ecosystem. On chain data shows that the Foundation currently holds about 169,863 ETH, which is valued at roughly $359 million based on recent prices.
Historically, the organization periodically sold ETH through exchanges to fund research, developer grants, and community initiatives. However, this approach sometimes raised concerns among investors because public sales could introduce visible selling pressure.
To address this issue, the Foundation has increasingly turned to over-the-counter transactions, which allow large token transfers to happen privately between institutions. The recent sale to BitMine illustrates this strategy. Instead of sending ETH to exchanges, the tokens moved directly to a corporate treasury wallet.
According to the Ethereum Foundation, the proceeds from the sale will support several ecosystem priorities including:
- Protocol research and development.
- Community grants and funding programs.
- Infrastructure and ecosystem initiatives.
This structure allows the Foundation to convert a portion of its holdings into operational funding while minimizing disruptions to market liquidity.
BitMine Expands Its Ethereum Treasury Strategy
BitMine Immersion Technologies, which trades on the NYSE American exchange under the ticker BMNR, has been aggressively accumulating Ethereum as part of its long term treasury strategy.
The company is chaired by Fundstrat co-founder Tom Lee and has built one of the largest corporate ETH reserves in the market. Recent disclosures indicate that BitMine holds more than 4.5 million ETH, valued at about $9.3 billion at current market prices. This represents roughly 3.7 percent of Ethereum’s circulating supply.
BitMine began expanding its Ethereum treasury in mid 2025 after pivoting away from its earlier focus on Bitcoin mining. The company’s strategy mirrors the approach used by firms that hold Bitcoin as a long term treasury asset.
The recent purchase from the Ethereum Foundation fits into that broader accumulation plan, allowing BitMine to add a large amount of ETH directly from a trusted institutional source.
Institutional Buyers and Whales Continue Accumulating ETH
Corporate treasuries are not the only players increasing exposure to Ethereum. On-chain data also shows that several large individual investors have been quietly building positions during the current price range.
Data from the on chain analytics tracker EyeOnChain shows that a wallet identified as 0x8E34 has been withdrawing Ethereum from exchanges since March 11. The wallet accumulated 6,413 ETH worth about $13.83 million, bringing its total purchases to 80,157.67 ETH within four days. The position is already showing an unrealized profit of more than $980,000.
Another large buyer identified by the analytics platform Lookonchain recently spent 3.79 million USDT to acquire 1,827 ETH. Over the past four days, the same wallet reportedly spent $24.79 million to purchase 11,985 ETH, with an average entry price of about $2,068 per ETH.
These accumulation patterns suggest that both institutional investors and large individual holders are taking advantage of current price levels to increase their Ethereum exposure.
At the same time, corporate treasuries collectively hold more than 5.16 million ETH across at least 17 entities, which significantly exceeds the Ethereum Foundation’s remaining holdings.
CoinLaw’s Takeaway
In my experience watching crypto markets, treasury moves like this often reveal where long term conviction sits. The Ethereum Foundation choosing private institutional deals instead of public exchange sales shows a more mature funding strategy that protects market stability.
I also found BitMine’s aggressive accumulation interesting. When a single company builds a treasury exceeding millions of ETH, it signals growing institutional confidence in Ethereum’s future. Combined with whale accumulation happening at the same time, the market appears to be quietly positioning for the next major phase of growth.
