Ethereum Foundation sells 5,000 ETH in OTC deal with BitMine
On-chain data indicates the Ethereum Foundation previously sold 10,000 ETH to Sharplink via OTC at $2,989, adding earlier context to its recently disclosed 5,000 ETH sale to BitMine.
The Ethereum Foundation said it completed an over-the-counter sale of 5,000 ETH to BitMine Immersion Technologies at an average price of $2,042.96 per ETH, for proceeds of about $10.2 million. According to the foundation, the funds will support core operations including protocol research and development, ecosystem growth, and community grants. The organization said the transaction follows its reserve management policy, which aims to balance ETH holdings with sufficient fiat or fiat-like assets, target annual operating expenses near 15% of treasury value, and maintain a 2.5-year operating buffer. New on-chain data also indicates the foundation previously sold 10,000 ETH to Sharplink via OTC at $2,989 per ETH.
- ETH: The native cryptocurrency of Ethereum, used for network transactions, fees, staking, and other on-chain activity.
- OTC: Over-the-counter trading, where assets are bought and sold directly between parties instead of through a public exchange order book.
- staking: Locking cryptocurrency to help support a blockchain network and earn rewards, commonly used in proof-of-stake systems like Ethereum.