Ethereum Foundation Sells $23M in ETH to BitMine in Third OTC Deal

May 2, 2026 — The Ethereum Foundation has completed its third over-the-counter (OTC) sale of ETH to BitMine Immersion Technologies, offloading 10,000 ETH worth approximately $22.9 million. The sale comes as the foundation continues funding its core operations, while MoonPay launches an AI-enabled stablecoin card and crypto VC funding hits a near two-year low.

Immediate Details & Direct Quotes

The Ethereum Foundation sold 10,000 ETH at an average price of $2,292 per coin, according to a Friday post on X. This marks the third OTC transaction between the foundation and BitMine, following a nearly identical 10,000 ETH sale completed one week earlier at $2,387 per coin. The foundation’s first sale to BitMine occurred in March, when it sold 5,000 ETH at approximately $2,043.

“This sale funds the Ethereum Foundation’s core operations and activities, including protocol R&D, ecosystem development, community grant funding and more,” the foundation wrote in its announcement.

Combined, the Ethereum Foundation has sold roughly $47 million worth of ETH to BitMine in the past week alone. The transaction follows last week’s unstaking of 17,035 ETH worth approximately $40 million, which appeared to depart from the foundation’s stated goal of maintaining 70,000 staked ETH.

Market Context & Reaction

The ETH sale comes amid broader market uncertainty, with the global crypto market cap falling 37% since October 2025, according to CoinGlass data. The Ethereum Foundation’s multiple OTC sales suggest ongoing operational funding needs as the organization manages its treasury during sustained market pressure.

In parallel, crypto VC funding plunged to a near two-year low in April. Venture capital investments in crypto projects fell to $659 million across 63 funding rounds, down 74% from the $2.6 billion recorded across 84 rounds in March, according to CryptoRank data. The April total was the lowest monthly fundraising sum since July 2024, when crypto projects raised $622 million across 132 rounds.

Monthly VC funding has been declining since October 2025, when crypto projects raised $3.84 billion across 127 funding rounds. The year-to-date total stands at $5.64 billion.

Background & Historical Context

The Ethereum Foundation’s OTC sales strategy allows it to liquidate ETH positions without causing significant market disruption on exchanges. Direct sales to institutional buyers like BitMine provide predictable pricing and minimize slippage.

Decentralized finance protocols attracted the most VC deal activity in April, with 12 funding rounds, according to CryptoRank. Blockchain services and artificial intelligence-linked crypto projects followed with eight rounds each. The shift in VC allocations suggests investors are prioritizing infrastructure and AI integration over speculative projects.

The broader funding slowdown reflects months of weaker liquidity and reduced risk appetite across crypto markets. Venture investors have become increasingly selective, favoring established teams and revenue-generating protocols over early-stage ideas.

What This Means

The Ethereum Foundation’s continued ETH sales indicate ongoing operational costs that require regular treasury management. For ETH holders, these OTC transactions may reduce selling pressure on exchanges but signal the foundation’s need to fund development through asset liquidation.

MoonPay’s stablecoin card launch alongside Mastercard could accelerate stablecoin adoption for everyday payments, particularly as AI agents begin executing transactions autonomously. This infrastructure development may create new utility for stablecoins in e-commerce and automated payments.

The VC funding decline suggests crypto startups face a challenging fundraising environment in the near term. Projects with strong fundamentals and clear revenue models may still secure funding, but the broader market contraction could slow innovation and delay product launches through late 2026.

This article is for informational purposes only and does not constitute financial advice. Readers should conduct their own research before making any investment decisions.

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