The Ethereum Foundation said Friday that it finalized an over-the-counter sale of 10,000 ETH to BitMine Immersion Technologies at an average price of $2,387 per coin, valuing the transaction at roughly $23.9 million.

According to the foundation, the proceeds will support protocol research, ecosystem development, and grants. By using an OTC block trade instead of selling into the open market, the foundation can raise operating funds with less immediate impact on exchange liquidity.

The deal also extends BitMine's aggressive Ethereum accumulation strategy. In its latest weekly update, published on April 20, the company said it held 4,976,485 ETH, equal to about 4.12% of Ethereum's supply, and reiterated its goal of eventually owning 5% of all ETH. This purchase would move it closer to that target, although BitMine had not published a refreshed total tied specifically to Friday's deal at the time of writing.

The transaction fits the Ethereum Foundation's broader treasury pattern this year. Earlier this month, it said it had reached its 70,000 ETH staking target, giving it another way to fund operations without relying only on spot-market sales. Taken together, staking income and periodic OTC sales suggest a more structured treasury approach as the foundation balances runway, ecosystem funding, and market sensitivity.