Ethereum Foundation Sells 10,000 ETH to BitMine; VC Funding Falls

The Ethereum Foundation completed an over-the-counter sale of 10,000 ETH to BitMine Immersion Technologies for about $22.9 million, executed at an average price of $2,292 per coin. The transaction is the Foundation’s third OTC sale to BitMine in recent weeks.

A week earlier the Foundation sold another 10,000 ETH at about $2,387 per coin, and in March it sold 5,000 ETH at roughly $2,043. Combined, the three transactions moved roughly $47 million worth of ETH to BitMine within about a week.

Last week the Foundation also unstaked 17,035 ETH, worth roughly $40 million at current prices, and reduced its publicly stated target of holding 70,000 ETH in staking. The Foundation wrote on X that the proceeds “fund the Ethereum Foundation’s core operations and activities, including protocol R&D, ecosystem development, community grant funding and more.”

OTC trades are private transfers negotiated directly between buyers and sellers rather than routed through public exchanges, allowing large holders to trade sizable amounts without sending funds onto spot markets.

Separately, payments firm MoonPay introduced a virtual debit card that lets users and autonomous AI agents spend stablecoins from self-custodied wallets at merchants that accept Mastercard. The card converts stablecoins to fiat at checkout and uses smart contracts to authorize transactions at the point of purchase. Declined payments return funds immediately, and the product links onchain wallets with traditional payment rails.

Venture capital investment in the crypto sector fell to $659 million across 63 funding rounds in April, down 74% from $2.6 billion across 84 rounds in March, according to industry data. The April total was the lowest monthly fundraising sum since July 2024, when projects raised $622 million across 132 rounds. Year-to-date investments reached $5.64 billion for 2026.

Deal activity in April was led by decentralized finance protocols with 12 funding rounds. Blockchain services and crypto projects tied to artificial intelligence each recorded eight rounds. Market data show the global crypto market capitalization declined about 37% over the period tracked by providers.

The Ethereum Foundation is a nonprofit organization that supports Ethereum protocol development, research and community grants. BitMine Immersion Technologies was the counterparty in the recent OTC purchases. MoonPay develops payment tools that connect onchain assets with traditional payment systems.