Ethereum Sells 10,000 ETH Again: A Chekhovian Ledger

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In the quiet rooms where men count fortunes as if they were turning the pages of an old diary, the Ethereum Foundation has carried out its third over-the-counter sale of ETH to BitMine Immersion Technologies, continuing a series of transactions that are nothing if not a study in treasury management, according to the Foundation’s latest communique on X.

In the latest affair, BitMine acquired 10,000 ETH at an average price of $2,292, tallying up to about $22.9 million. The transaction follows a similar sale one week prior, where another 10,000 ETH left the vault at $2,387 per coin.

0/ Today, the Ethereum Foundation finalized the terms of a 10,000 ETH sale at an average price of $2,292.15 via OTC.

For this sale, our OTC counterpart was @BitMNR.

– Ethereum Foundation (@ethereumfndn) May 1, 2026

The kinship between the two parties stretches back to March, when BitMine first purchased 5,000 ETH at roughly $2,043, as if fate had whispered to them that numbers, like stories, repeat themselves with increasing grandeur.

According to the foundation, these sales are part of “treasury management activities” in line with previously published policy: “This sale funds the EF’s core operations & activities, including protocol R&D, ecosystem development, community grant funding and more.”

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BitMine expands position as top ETH treasury holder

Across these transactions, the Ethereum Foundation has sold tens of millions of dollars worth of ETH to BitMine, including around $47 million in sales over the past week alone, which would make any ledger clerk sigh with both astonishment and a touch of old-world sarcasm.

Chaired by Tom Lee, BitMine has emerged as the largest Ethereum treasury company by holdings, with nearly 5 million ETH. The firm recently added over 101,000 ETH in its biggest weekly accumulation of the year, a spectacle that would delight a thorough man of accounts and perhaps befuddle the poets who insist money is only a moral question.

As BitMine appears to be gradually staking all its holdings, the company has further reaffirmed its confidence in the world’s second-largest crypto asset, and it seems it is not inclined to withdraw its interest in the foreseeable future.

The foundation has faced scrutiny in the past over ETH sales, and has taken steps to balance this by staking portions of its holdings, aiming to manage liquidity while maintaining long-term network alignment. One can only smile in a small, knowing way at the persistence of modern finance, which, like any drama, demands a cast and audience alike.

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2026-05-02 13:51