The Ethereum Foundation (EF) said it completed an over-the-counter (OTC) sale of 5,000 ETH over the weekend, with proceeds earmarked for core operations and other activities. In a post dated March 14, the organization indicated the tranche was executed with BitMine and was valued at roughly $10 million at recent market prices.
Transaction Details
According to the foundation’s disclosure, the sale involved 5,000 ETH conducted via an OTC transaction, a common method used by institutions to reduce market impact compared with selling on public exchanges. The counterparty was identified as BitMine.
Use of Proceeds
The Ethereum Foundation said funds from the transaction will support its core operations and broader organizational activities. The EF is a nonprofit that supports the ongoing development and maintenance of the Ethereum network, including research, protocol upgrades, and ecosystem initiatives.
Context and Implications
OTC sales by ecosystem foundations are a routine treasury management practice, helping fund development while minimizing short-term price disruption. The foundation did not disclose additional terms of the transaction or future sales plans.