The Ethereum (ETH) Foundation has supposedly sold around $10.38 million worth of ETH through an over-the-counter (OTC) transaction to cryptocurrency funding firm BitMine Immersion Technologies. The transaction included almost 5,000 ETH, transferred directly from a wallet related to the foundation to the buyer in a private trade.

On-chain tracking platforms identified the transfer as an OTC proceeding, indicating the sale happened directly between two parties rather than through a public trading order book. OTC trades are generally used by institutions and large holders to make sizable transactions possible without causing sudden price volatility in the open market.

The transfer was observed moving from an ETH Foundation wallet to a wallet related to BitMine, with the total value of the transaction almost around $10.38 million at the time of the transfer.

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Institutional Interest in Ethereum Continues

According to the data given by CoinMarketCap, at the time of writing, the coin is trading at $2,076.07 with a 1.36% decrease in rate. The daily trading volume of the token is around $11.4 billion, and the market cap of the coin has exceeded $250.65 billion.

The purchase underscores the persistent institutional activity surrounding the token, the second-largest cryptocurrency by market capitalization. Companies and investment firms have extensively collected ETH as part of treasury strategies and long-term blockchain investment initiatives.

BitMine Immersion Technologies has appeared as one of the largest institutional holders of the token. Public disclosures reflect that the firm holds millions of ETH tokens, representing a significant share of the total circulating supply.

The company has been actively broadening its ETH treasury strategy, collecting more ETH during times of market weakness while staking large portions of its holdings to generate yield on the Ethereum network.

Role of OTC Deals in Crypto Markets

OTC transactions play an important role in cryptocurrency markets, mainly when large entities move significant amounts of digital assets. By conducting trades privately, investors can decrease slippage and avoid dramatic price swings that might happen if the same transaction were done on a public exchange.

The ETH Foundation has formerly conducted similar OTC deals. In a notable case in 2025, the organization sold 10,000 ETH in a private transaction, marking one of the first direct OTC sales involving the foundation and a corporate buyer.

The latest OTC sale illustrates current activity among major cryptocurrency entities and underlines the role of institutional players in shaping liquidity and capital flows within the coin’s ecosystem.

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