The Ethereum Foundation has finalized its third over-the-counter (OTC) ETH sale to BitMine Immersion Technologies, offloading another 10,000 ETH at an average price of $2,292 per token—valued at about $22.9 million.
In a Friday post on X, the Foundation said the proceeds will support its core operations, including protocol research and development, ecosystem growth, community grants, and related initiatives.
This latest transaction comes just a week after a similar 10,000 ETH sale priced at $2,387 per coin. The Foundation’s first deal with BitMine took place in March, when it sold 5,000 ETH at roughly $2,043 each. Altogether, the Foundation has sold around $47 million worth of ETH to BitMine over the past week.
The move follows the foundation’s decision to unstake 17,035 ETH—valued at roughly $40 million—last week, signaling a possible retreat from its earlier target of maintaining 70,000 ETH in staking.
EF faces renewed scrutiny over ETH sales
The ongoing sales have sparked criticism within the community. “Why do you need $46 million in two weeks? How much are you spending, and on what? Why aren’t developers accepting ETH directly as payment?” one user questioned in response to the announcement.
The Ethereum Foundation has faced similar backlash in the past and had previously indicated plans to curb such sales. More recently, it has tried to ease concerns by staking a portion of its holdings.
ETH is currently trading near $2,303, showing little movement over the past 24 hours, according to CoinMarketCap data. However, it remains down more than 53% from its all-time high of $4,953 recorded in August last year.
BitMine approaches 5 million ETH holdings
BitMine, chaired by Tom Lee, has emerged as the largest Ethereum treasury company, holding close to 5 million ETH. The milestone comes after the firm added 101,901 ETH in its largest weekly purchase of the year.
The company has also ramped up its staking efforts. As of Thursday, about 83% of its ETH holdings—roughly 4.19 million coins valued at approximately $9.5 billion—are staked, up from around 70% the previous week.
