The Ethereum Foundation has completed a third over-the-counter (OTC) sale of 10,000 ETH to BitMine Immersion Technologies, raising fresh questions about the pace and transparency of its treasury management. The transaction, executed at an average price of $2,292 per coin, is worth approximately $22.9 million.
Details of the latest OTC sale
According to a statement posted on X, the Foundation said the sale is intended to fund core operations, including protocol research and development, ecosystem initiatives, and community grant programs. This marks the third OTC deal with BitMine in recent months, following a nearly identical 10,000 ETH transaction one week earlier at $2,387 per coin, and a 5,000 ETH sale in March at around $2,043 per coin.
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Combined, the Foundation has sold approximately $47 million worth of ETH to BitMine in the past week alone. The move also comes after the Foundation unstaked 17,035 ETH, worth roughly $40 million, last week, appearing to walk back from its stated goal of maintaining 70,000 staked ETH.
Community reaction and concerns
The repeated sales have drawn criticism from parts of the Ethereum community. One user responded to the announcement by questioning the need for $46 million in two weeks, asking for greater transparency about how the funds are being used and why developers are not being paid directly in ETH. The Foundation has faced similar scrutiny in the past and previously indicated it would limit such sales. It has since attempted to offset some of the pressure by staking a portion of its holdings.
Market context
ETH is currently trading at around $2,303, remaining largely flat over the past 24 hours, according to CoinMarketCap. However, the token is down more than 53% from its all-time high of $4,953, recorded in August 2025. The ongoing sales by the Foundation, combined with broader market conditions, continue to be a point of focus for traders and analysts.
BitMine’s growing Ethereum treasury
BitMine, chaired by Tom Lee, has become the largest corporate holder of Ethereum, with nearly 5 million ETH on its books. The company reached this milestone after adding 101,901 ETH in its largest weekly purchase of the year. BitMine has also been aggressively staking its holdings, with 83% of its cumulative ETH—approximately 4.19 million coins worth roughly $9.5 billion—now staked, up from about 70% the previous week.
Conclusion
The Ethereum Foundation’s continued OTC sales to BitMine highlight ongoing tensions between the need to fund development and the community’s desire for more conservative treasury management. As BitMine consolidates its position as the largest ETH treasury company, the Foundation’s decisions will remain under close watch by investors and ecosystem participants alike.
FAQs
Q1: Why is the Ethereum Foundation selling ETH?
The Foundation states that the sales are used to fund core operations, including protocol research and development, ecosystem growth, and community grants.
Q2: How much ETH has the Foundation sold to BitMine?
In total, the Foundation has sold approximately $47 million worth of ETH to BitMine in the past week, across two 10,000 ETH transactions and a prior 5,000 ETH sale in March.
Q3: Is the Ethereum Foundation still staking ETH?
Yes, the Foundation has staked a portion of its holdings, but it recently unstaked 17,035 ETH, which appears to conflict with its earlier goal of maintaining 70,000 staked ETH.
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