Ethereum Foundation sells 10,000 ETH to BitMine via OTC as coin struggles under $2,500

The Ethereum Foundation (EF) has shaken its treasury. The entity has sold 10,000 ETH through an OTC agreement with BitMine at an average price of $2,387. This particular sale is estimated at around $23.87 million and was completed on April 24, 2026. EF intends to finance its operations without affecting market liquidity.

The sale is made against the backdrop of ETH trading below the psychologically critical $2,500 threshold.

EF zeroed in on transparency, stating that the transaction will be executed on-chain from the EF’s Safe multisig wallet at 0x9fC3dc011b461664c835F2527fffb1169b3C213e.

Ethereum Foundation OTC sale aligns with treasury policy

According to reports, this OTC transaction follows another in March 2026, when the EF sold 5,000 ETH to BitMine (NYSE: BMNR) – the same party involved in the current transaction. As it stands, the transactions comply with the Foundations’ official Treasury Policy, released in June 2025.

The funds raised from these SALES shall be used to finance the following Foundation operations: R&D, development, and grants programs.

The policy maintains operational expenditure at 15% of the treasury annually while keeping the runway at 2.5 years.

Based on information from blockchain analytics firm Arkham, the EF currently owns about 92,538 ETH. It is valued at around $214 million based on recent prices. Some of the treasury has been put up for staking, with the earned rewards recycled into their operations. 

EF settled on OTC transactions to reduce any slippage, since selling such a large amount in the spot market might create price effects.

As reported by Cryptopolitan, Bitmine has seen massive growth following all its ETH investments. As of 20th April, Bitmine held 4,976,485 ETH, equal to 4.12% of the total ETH supply.

Ethereum records gains over 5 days, but pressure persists below 2,500

On April 24, 2026, the price of Ethereum stands at $2,353, with a 2.73% increase over the last five days. The coin struggles to breach the $2,500 level, which analysts believe would signal a recovery. 

Ethereum began the day at $2,331.54 and moved slightly higher amid market resilience amid unfavorable factors such as rising oil prices and conflicts in the Strait of Hormuz.

In contrast, BTC’s performance has been relatively better during the past five days, gaining 5.81%. On the other hand, its yearly growth rate has been impressive, standing at +29.8%. However, the short-term underperformance indicates that investors are cautious when trading altcoins.

 Other elements, such as ETF flows and second-layer solutions, have helped to some degree; nevertheless, sales by whales such as the EF have hurt sentiment.

From a long-term perspective, there is room for an upside move if the price recovers to higher levels. From a technical standpoint, the price may break out towards the $2,400-$2,500 resistance area within the next few weeks if the macroeconomic environment remains stable. If not, investors could see the price fall even lower.

As predicted by Cryptopolitan, Ethereum will hit an average market price of $5,732.81 by the end of 2026. In addition, in 2029, Ethereum could trade between $14,306 and $16,794 with an average expected price of $15,550.

EF completes major staking push, hitting 70,000 ETH target

At the start of April, the Ethereum Foundation completed its 70,000 ETH staking campaign. The foundation managed to deposit close to 45,034 ETH, worth about $93 million, in multiple lots to the Ethereum Beacon Chain. This ensured the foundation had staked more than 69,500 ETH, valued at almost $143 million.

The deposits, made using the EF’s treasury multisig in equal amounts totaling approximately 2,047 ETH each, convert the previously idle funds into a yield-generating asset. Given that the annual interest rate for staking at the moment is 2.7%-3.8%, the staked ETH should generate an annual income of between $ 3.9m and $5.4 m.

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