Ethereum Foundation sells 5,000 ETH to Bitmine to fund operations and grants

The Ethereum Foundation announced today it executed an OTC sale of 5,000 ETH to Bitmine, the largest Ethereum treasury firm led by Thomas “Tom” Lee.

The EF plans to use proceeds from the sale to support its ongoing activities, including protocol research and development, ecosystem growth initiatives, and community grant programs.

The Foundation still holds approximately 170,000 ETH worth around $356 million, according to Arkham Intelligence data. The entity has begun staking its treasury ETH, starting with 2,016 in February and planning to stake about 70,000 ETH in total.

Bitmine has steadily accumulated ETH since launching its treasury strategy last June. The company’s holdings have exceeded 4.5 million units, valued at $9.5 billion at current market prices.

Over 3 million ETH is currently staked, producing annualized staking revenues of roughly $174 million, with potential to reach $259 million when fully deployed through its upcoming MAVAN validator network.

Ethereum Foundation outlines mission and principles in new EF Mandate

The sale follows the Foundation’s recent release of the EF Mandate, a document defining its role and guiding philosophy in supporting the development of Ethereum.

The foundation said its primary responsibility is safeguarding Ethereum’s commitment to user self-sovereignty.

The mandate says the network must remain censorship-resistant, open source, private, and secure, while emphasizing that the foundation is one steward among many, not the network’s authority.