The Ethereum Foundation has completed its third over-the-counter sale of ETH to BitMine Immersion Technologies, with the firm acquiring 10,000 ETH at an average price of $2,292, totaling $22.9 million.
0/ Today, the Ethereum Foundation finalized the terms of a 10,000 ETH sale at an average price of $2,292.15 via OTC.
— Ethereum Foundation (@ethereumfndn) May 1, 2026
For this sale, our OTC counterpart was @BitMNR.
"This transaction funds the Foundation's core operations and activities, including protocol research and development, ecosystem growth, community grant funding, and more," representatives from the Ethereum Foundation stated.
This sale follows a nearly identical transaction of 10,000 ETH on April 24, which had an average price of around $2,387.
The first deal between the Ethereum Foundation and BitMine occurred in March, when the firm purchased 5,000 ETH at approximately $2,043.
According to the Foundation's statement, these sales are part of its "treasury management operations" in line with previously published policy.
As of May 2, BitMine holds 4.5 million ETH, valued at over $10 billion, according to StrategicEthReserve. The firm is the largest corporate holder of the altcoin, controlling 3.8% of the supply.
The company also leads in the volume of assets staked, utilizing over 4 million ETH.
The transaction has drawn criticism from the Ethereum community, with users questioning the rationale behind the sale.
"Why do you need $46 million in two weeks? How much are you spending and on what? Why aren’t any developers accepting ETH directly as payment?" — wrote a community member.
The Foundation has faced discontent in the past over its transactions. Last year, the organization promised to limit sales.
For context, BitMine Immersion Technologies reported a net loss of $3.82 billion for the first quarter of 2026, compared to $1.15 million the previous year.