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Ethereum Foundation sells 5,000 ETH to BitMine

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BlackRock brings Ethereum staking yield to ETFs as Mutuum Finance expands on-chain yield opportunities

The Ethereum Foundation has sold 5,000 ETH to publicly traded treasury firm BitMine Immersion Technologies in an over-the-counter deal worth just over $10.2 million.

Summary

  • The Ethereum Foundation offloads 5,000 ETH to BitMine as price climbs above $2K
  • The OTC transaction was priced at an average of $2,042.96 per coin
  • ETH is up 8.2% over the past seven days and 2.6% in the past 24 hours

The Ethereum Foundation offloads 5,000 ETH to BitMine as the price climbs above $2K, with the transaction priced at an average of $2,042.96 per coin.

The foundation confirmed the sale in a post on X. Proceeds will go toward core operations across the Ethereum ecosystem, covering protocol R&D, ecosystem development, community grant funding, and developer support.

This is the second time the foundation has sold ETH directly to a corporate treasury company. In July last year, it sold 10,000 ETH, worth around $30 million at the time to SharpLink Gaming.

Selling portions of its treasury across different market cycles allows the Ethereum Foundation to fund ongoing development without relying entirely on donations or external sources.

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Ethereum Foundation offloads 5,000 ETH to BitMine

BitMine Immersion Technologies has built one of the largest corporate Ethereum positions in the world.

As of early last week, the company reported owning more than 4.5 million ETH. At recent market prices, those holdings are worth approximately $9.4 billion, placing BitMine ahead of other firms that hold ETH on their balance sheets.

ETH climbs above $2,100 as weekly gains hold

ETH gained 8.2% over the past seven days and 2.6% in the past 24 hours, per available price data. The 30-day gain stands at 8.4%, with a one-year increase of 10.5%. The asset crossed back above the $2,100 level at the time of the transaction.

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The Ethereum Foundation has not disclosed a specific price target for future sales. Its approach ties treasury activity to funding needs and broader market conditions.

The OTC counterparty for this deal was BitMine, which the foundation confirmed in the same X post.

With BitMine adding the foundation’s 5,000 ETH to its existing position, its total holdings could rise further above the 4.5 million ETH it reported last week.

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Crypto World

Telegram Has Been Downloaded Over 50M Times in Iran, Despite Ban: Durov

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Decentralization, Privacy, Liberty, Telegram, Cypherpunks, Pavel Durov

The Iranian government’s attempt to block the Telegram messaging application in the country has backfired, as users find ways to circumvent national firewalls and online controls, according to Telegram co-founder Pavel Durov.

“Iran banned Telegram years ago,” Durov said on Friday; however, tens of millions of users in the country have managed to access the application via virtual private networks (VPNs) and other similar tools, he added.

VPNs route web traffic through servers distributed around the globe to mask the true Internet Protocol (IP) addresses of users and obscure their locations. This allows individuals with VPN access to bypass national online restrictions. Durov said:

“The government hoped for mass adoption of its surveillance messaging apps, but got mass adoption of VPNs instead. Now, 50 million members of the digital resistance in Iran are joined by over 50 million more in Russia.”

Decentralization, Privacy, Liberty, Telegram, Cypherpunks, Pavel Durov
Source: Pavel Durov

Decentralized technologies like blockchain, crypto and encrypted messaging applications can mitigate or neutralize state-imposed online restrictions and surveillance infrastructure, promoting individual liberty, proponents of decentralized technology say.

Related: Global turmoil pushes uptake of decentralized messengers, social media

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Users turn to decentralized alternatives amid online blackouts

The government of Iran imposed a nationwide internet blackout in January 2026, amid growing protests and civil unrest, which is still in effect due to the ongoing war between Israel, the United States and Iran.

Residents in the country can still access the internet through Starlink, a satellite-based network, or communicate via BitChat, a messaging application that uses Bluetooth radio waves to form a mesh network between devices.

BitChat’s mesh network transforms each device into a relay node that transfers data to other devices running the application within range, bypassing online and satellite-based systems entirely.

Decentralization, Privacy, Liberty, Telegram, Cypherpunks, Pavel Durov
The components of the BitChat messaging application tech stack. Source: GitHub

The government of Nepal imposed a social media ban in September 2025 amid growing protests, causing a spike in BitChat downloads.

Bitchat was downloaded over 48,000 times in Nepal the week of the social media ban, and the government of Nepal was toppled by protestors that same month.

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The application recorded a similar download spike in Madagascar amid protests, which also occurred around the same time as the political revolution in Nepal.

Magazine: Did Telegram’s Pavel Durov commit a crime? Crypto lawyers weigh in