In a recent announcement made on Friday, the Ethereum Foundation confirmed it completed a transaction to sell 10,000 units of ETH to BitMine Immersion Technologies, which is recognized as the largest firm managing Ethereum treasury. This marks their second such sale within this year.
The over-the-counter transaction was agreed upon at an average rate of $2,387 per ETH, amounting to a total sale value of $23.87 million. On the day of the announcement, Ethereum’s price stood at $2,313, reflecting a 1% decline daily and a 5% drop over the past week.
Shares of BitMine (BMNR) experienced an increase exceeding 1% on that day, with recent trading figures showing a price of $22.25 per share. Despite a slight decrease of around 3% in the last week, BMNR shares have appreciated by more than 7% over the past month, as reported by Yahoo Finance.
The Ethereum Foundation detailed via its X platform on April 24, 2026: ‘Today, we finalized an OTC sale agreement for 10,000 ETH at an average price of $2,387. Our counterpart in this transaction was @BitMNR.’
According to the foundation’s statement on X, these funds will support its core operations and initiatives including protocol research and development, ecosystem enhancement, community grants, among others.
This is not their first sale to BitMine; in March, the Foundation sold 5,000 ETH at an average price of approximately $2,043 per coin. Additionally, a previous transaction involving a sale of 10,000 ETH was made with another Ethereum treasury company, Sharplink, last July.
Ethereum’s value has seen a significant decline since peaking at $4,946 in the preceding summer. This downturn coincided with heightened interest in crypto markets and led to the establishment of several Ethereum-focused treasury firms.
As the largest entity in this category, BitMine boasts over $11.5 billion in Ethereum assets from its consistent weekly acquisitions. However, due to recent price drops, it’s facing an unrealized loss exceeding $6 billion according to DropsTab data (Disclosure: Tom Lee, Chairman of BitMine, is a stakeholder in Dastan, which owns the editorially independent Decrypt).
On Monday, BitMine announced its largest weekly Bitcoin purchase for the year, amounting to $235 million. As of that date, the company’s holdings included 4,976,485 ETH.