Ethereum Foundation makes a smart move: Sold 5000 ETH to BitMine via OTC!

🧐On March 14, 2026, the Ethereum Foundation (EF) sold a full 5000 ETH to BitMine Immersion Technologies (BMNR) via an over-the-counter (OTC) transaction at an average price of $2,042.96. The total value is approximately $10.2 million. The Foundation announced this on its official X account: “This sale will fund our core operations such as protocol R&D, ecosystem development, and community grants.”
🤔Why OTC?
Because selling 5000 ETH on the open market could have suppressed the price. EF eliminated slippage by implementing its own hopper policy and transparently shared its on-chain address. The buyer is BitMine, a company owned by Tom Lee of Fundstrat. This purchase increased the company's Ethereum treasury to 4,595,562 ETH (approximately 3.81% of the supply) and brought its total crypto + cash holdings to $11.5 billion. BitMine stated, "We wanted to support EF and keep ETH off the open market." While ETH was in the $2,000 range at the time of the sale, today the price is hovering around $2,350-$2,356. So EF also hit the timing well.
🤔 This transaction shows that the foundation has learned from past "dump" criticisms. It is both creating operational funds through OTC and not disrupting the market. The aggressive entry of institutional giants like BitMine into Ethereum is the strongest evidence of long-term confidence. The "institutionalization supercycle" for ETH continues at full speed. The quiet support of $10.2 million injected both cash and morale into the Ethereum ecosystem.
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