Ethereum Foundation Sells 10,000 ETH to BitMine at an Average Price of $2,387 via OTC
The Ethereum Foundation sold 10,000 ETH to the Ethereum treasury company BitMine through over-the-counter (OTC) trading, with an average transaction price of $2,387. This transaction was completed directly between institutions without public market matching.
BitMine currently holds approximately 4.976 million ETH, valued at about $11.6 billion, of which around 3.588 million ETH has been staked, accounting for about 72.1%. Its continued accumulation and high staking ratio make it an important institutional-level provider of liquidity and security within the Ethereum network.
Source: Public information
ABAB AI Insight
This transaction reflects the formation of a "quasi-sovereign asset allocation structure" within the Ethereum ecosystem. The Ethereum Foundation, as the core organization of the protocol, sells ETH via OTC to avoid secondary market impacts while transferring holdings to long-term holders and institutional participants. This allocation method is more akin to asset transfers between central banks and primary dealers rather than ordinary market transactions.
BitMine's holdings and staking ratio reveal that ETH is transitioning from a "trading asset" to a "yield-bearing fundamental asset." With over 70% of assets staked, a significant amount of supply is locked, leading to reduced liquidity while increasing reliance on a few large participants for network security and yield structure, which enhances stability but also raises concentration.
From a broader structural perspective, this is part of the "financialization" of crypto assets. OTC trading, institutional holdings, and staking yields are embedding ETH into a logic similar to bonds or infrastructure assets, where its value is no longer solely driven by narratives but increasingly supported by cash flows (staking yields) and network usage demand.
This change also signifies a shift in power structures. As large treasury companies and institutions accumulate substantial ETH and participate in staking, their influence in network governance, validation, and economic incentives continues to rise, with Ethereum gradually evolving from a "decentralized ideal model" to a "semi-centralized structure under institutional participation."