The Ethereum Foundation has sold 10,000 ETH to BitMine for $22.9 million, raising questions in the community about the necessity of such transactions.
The Ethereum Foundation has executed its third over-the-counter (OTC) transaction with BitMine Immersion Technologies, selling 10,000 ETH for an average price of $2,292, resulting in total proceeds of $22.9 million.
"Today, the Ethereum Foundation finalizes the sale of 10,000 ETH via OTC at an average price of $2,292.15. Our OTC partner for this transaction was @BitMNR," the Foundation announced.
This deal follows a similar sale on April 24, where 10,000 ETH were sold at around $2,387 each. The initial agreement between the two entities occurred in March, when BitMine procured 5,000 ETH priced at approximately $2,043 each.
According to the Ethereum Foundation, these transactions are part of their treasury management strategy, aimed at funding core operations, including protocol development and community grants.
As of May 2, BitMine possesses 4.5 million ETH, valued over $10 billion, making them the largest corporate holder of the cryptocurrency with control of 3.8% of the total supply. They also lead in staked assets, utilizing more than 4 million ETH.
The recent transactions have sparked debate within the Ethereum community, with some members questioning the necessity and transparency of such sales. One community member raised concerns about the Foundation’s spending, asking, "Why do you need $46 million in two weeks?" and wondering why developers are not accepting ETH directly.
In previous instances, the Ethereum Foundation has faced backlash for its sales, despite having committed to limiting them last year. Notably, BitMine reported a significant net loss of $3.82 billion in the first quarter of 2026, a stark contrast to the $1.15 million loss reported the previous year.
