BitMine Immersion Technologies has agreed to buy 10,000 ether directly from the Ethereum Foundation in an over-the-counter transaction worth about 23.87 million dollars. The deal was priced at an average of 2,387 dollars per ETH, according to statements cited across market coverage, and was finalized on April 24. Rather than buying on the open market, BitMine used a private transaction with the Foundation, which allowed both sides to move size without putting extra pressure on exchange order books.
For BitMine, the purchase is another step in its larger campaign to build one of the biggest corporate ether treasuries in the market. CoinDesk’s reporting framed the deal as pushing the company closer to its stated ambition of controlling roughly 5% of ETH supply, reinforcing its identity as an ether accumulation vehicle rather than a conventional public company that merely holds some crypto on the side. Other recent coverage of BitMine’s treasury strategy has shown the firm steadily adding large blocks of ETH and treating those holdings as both a balance sheet reserve and a long term strategic asset.
For the Ethereum Foundation, the transaction fits into its published treasury management approach. The proceeds from the sale are intended to support protocol research and development, ecosystem growth and grant programs, according to reports summarizing the Foundation’s statement. That matters because the Foundation has been under recurring scrutiny for how and when it sells ETH. By choosing an OTC sale to a known institutional buyer instead of unloading tokens through public markets, it appears to be trying to raise operating funds in a more controlled way while limiting short term market disruption.
The transaction also highlights a quieter shift in Ethereum’s institutional landscape. BitMine is not just buying ether from exchanges anymore. It is now large enough to transact directly with one of the ecosystem’s central entities, which says something about how concentrated corporate ETH demand has become. At the same time, this is not simply a treasury sale story. It reflects a maturing market structure where large holders, foundations and public companies are beginning to use more private block-style transactions to manage capital and inventory in a way that looks closer to traditional finance.
Taken together, the deal serves both sides. BitMine gets another sizable allocation of ETH at a fixed negotiated price, while the Ethereum Foundation secures nearly 24 million dollars to fund core operations without adding immediate exchange-side selling pressure. The broader signal is that ether is increasingly being handled through institutional-style treasury channels, not just through retail trading venues, and that large OTC flows may become a more visible part of Ethereum’s market structure going forward.





































































































