Ethereum Foundation Sells 10,000 ETH to BitMine in $24M OTC Deal, Reviving Treasury Criticism

Apr 24, 2026

The Ethereum Foundation sold 10,000 ETH to BitMine Immersion Technologies for approximately $23.87 million at $2,387 per token on April 24, 2026, marking the second such transaction in two months after a previous 5,000 ETH sale worth $10.21 million. The Foundation states the proceeds will fund protocol R&D, ecosystem development, and community grants as part of treasury management to maintain operational fiat reserves. BitMine, led by Chairman Tom Lee and the largest corporate Ethereum holder with 4,976,485 ETH (4.12% of total supply), appears to be targeting 5% ownership after purchasing over 101,000 ETH in early April. The sale has reignited community criticism of the Foundation's funding approach, with critics arguing it should rely more on staking income rather than token sales, though the Foundation recently deposited 45,000 ETH toward a 70,000 ETH staking goal.

Ethereum Foundation's $24M OTC Sale to BitMine

▪The Ethereum Foundation finalized the terms of a 10,000 ETH sale to BitMine on April 24th
▪The Ethereum Foundation's 10,000 ETH sale to BitMine was valued at nearly $24 million
▪The Ethereum Foundation sold 5,000 ETH to BitMine worth roughly $10.21 million one month and ten days before the April 24th transaction
▪The Ethereum Foundation's 10,000 ETH sale to BitMine was completed at an average cost of $2,387 per token

Community Criticism of Treasury Management Strategy

▪The Ethereum Foundation sent 45,000 Ether tokens to the Beacon Deposit Contract earlier in April

BitMine's Ethereum Accumulation Strategy

▪ETH declined by roughly 5% over the 7 days prior to the article's publication according to CoinGecko data
▪BitMine's ETH holdings represent about 4.12% of Ethereum's total supply
▪The price of ETH was around $2,316 as of the article's writing, down 0.6% over the past 24 hours