The Ethereum Foundation is funding its first-quarter 2026 grant program focused on zero-knowledge cryptography and core infrastructure through a $23.87 million over-the-counter sale of 10,000 Ether to BitMine Immersion Technologies (BMNR).
"For this sale, our OTC counterpart was @BitMNR," the Ethereum Foundation said in an X post on April 24, 2026, confirming the transaction. The foundation stated the proceeds will directly support operations, including protocol research, ecosystem development, and community grants.
The deal was finalized at an average price of $2,387 per ETH, a slight premium to the token's trading price of around $2,310 at the time of the transfer. The transaction, which originated from a known Foundation-controlled wallet, avoids selling directly on the open market, a strategy designed to convert treasury assets into operational capital without causing immediate price pressure. This marks the second direct sale from the Foundation to BitMine, following a 5,000 ETH purchase in early 2026.
The sale underscores a strategic shift in how the Ethereum ecosystem is funded and who its largest stakeholders are. While the Foundation historically held the largest institutional ETH treasury, its position has been surpassed by publicly traded companies aggressively accumulating the asset. BitMine, led by Fundstrat's Thomas Lee, has a stated goal of acquiring 5 percent of Ethereum's total supply, which would amount to roughly 6 million tokens. According to company reports, its holdings stood at 4.97 million ETH last week.
This trend of corporate accumulation extends beyond direct purchases. Blockchain analytics from Arkham Intelligence show that major institutional players are increasingly participating in network security through staking. In the last 24 hours, Grayscale Investments deposited 102,400 ETH (worth approximately $237 million) into staking contracts via Coinbase Prime. BitMine, already the largest corporate staker, has locked up over 70 percent of its 3.5 million ETH holdings to earn yield, reducing circulating supply and increasing its influence on the network.
This growing concentration of holdings and staking power in the hands of corporate entities raises new questions about network governance. While the Foundation operates as a neutral non-profit, publicly traded firms have fiduciary duties to shareholders, which could lead to different incentives when making decisions about protocol fees or future upgrades. For now, the dynamic appears symbiotic: the Foundation secures necessary funding for long-term development, while corporate buyers gain access to large blocks of ETH without slippage, signaling long-term conviction in the network's value.
This article is for informational purposes only and does not constitute investment advice.
