According to a post on X, the nonprofit organization sold 5,000 ETH worth around 10.2 million dollars. The buyer was BitMine. The transaction was completed as an OTC deal, with the reported average purchase price at 2,042.96 dollars per ETH. The transfer was executed on-chain through the foundation’s Safe multisignature wallet.
The Ethereum Foundation also said that the proceeds from the sale will be used to fund its core activities. These include research and development of the Ethereum protocol, ecosystem support programs, and community rewards.
This is not the first such deal for the foundation. Back in July, the organization sold 10,000 ETH to SharpLink Gaming. At that time, the average sale price was 2,572.37 dollars per ETH, bringing the total transaction value to around 25.7 million dollars.
BitMine’s portfolio remains deep in the red
At the same time, BitMine’s overall position still looks far from comfortable. After Ethereum’s sharp decline since October, the company’s strategy has turned into a massive unrealized loss. According to DropsTab, the portfolio is currently down nearly 44%, or about 7.3 billion dollars.
Even so, with total holdings of 4.42 million ETH, BitMine remains the largest Ethereum treasury company in the market. Tom Lee has previously defended the strategy after the sharp February crash, arguing that the company is focused on long-term outperformance rather than short-term market swings.
Since then, BitMine has continued to buy Ethereum almost every week, likely in part to reduce its average entry price, which now stands at around 3,768 dollars per ETH.
Conclusion
The latest ETH sale by the Ethereum Foundation shows that the organization is continuing to monetize part of its reserves in a measured way to fund ecosystem priorities. For BitMine, the purchase marks yet another long-term bet on Ethereum’s future despite the company’s already massive paper losses.
