The Ethereum Foundation has completed an over-the-counter (OTC) sale of 5,000 Ether to BitMine Immersion Technologies, a deal worth approximately $10.2 million based on the agreed-upon price of $2,042.96 per Ethereum.

In a Saturday post on X, the foundation said proceeds from the sale will support core operations, including protocol research and development, ecosystem growth initiatives and community grant programs. The onchain transfer will originate from a multi-signature Ethereum Foundation Safe wallet.

BitMine, a publicly traded company on the US NYSE under the ticker BMNR, has emerged as one of the largest holders of Ether (ETH). The company, headed by Fundstrat co-founder Tom Lee, holds more than 4.5 million ETH worth roughly $9.3 billion, according to industry treasury trackers.

The company has been steadily accumulating ether since mid-2025, following a strategy similar to its Bitcoin (BTC) accumulation model.

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EF is conducting the company’s second ETH OTC sale

This transaction marks the second time the Ethereum Foundation has sold Ethereum directly to a corporate treasury buyer through an over-the-counter transaction. In July 2025, the organization sold 10,000 ETH to SharpLink Gaming at an average price of $2,572.37, a transaction valued at approximately $25.7 million.

These periodic sales are part of the Ethereum Foundation’s treasury management framework introduced in June 2025. Under this policy, the organization periodically transfers a portion of its Ethereum holdings to maintain a fiat-based operating reserve. The framework targets annual spending equivalent to approximately 15% of Treasury holdings while maintaining a multi-year operational trajectory.

The announcement comes shortly after the foundation began allocating a portion of its treasury, with plans to deploy around 70,000 Ethereum to validators using open source infrastructure.

Related to: Ethereum Accumulator Wallets Jump 30%: Will ETH Price Follow?

The EF publishes a mandate explaining its role

This week, the Ethereum Foundation issued a new mandate clarifying its role in managing the Ethereum ecosystem, with a focus on decentralization and user sovereignty over assets and data. The document states that Ethereum must remain censorship-resistant, open source, and privacy-preserving while scaling to support global adoption.