The Ethereum Foundation has completed another over-the-counter ETH sale to BitMine Immersion Technologies, selling 10,000 ETH at an average price of $2,292 per coin. According to the foundation's latest X post on May 1, the deal was worth approximately $22.9 million and marks the foundation's third OTC sale to BitMine in two months. The latest transaction followed another 10,000 ETH sale to BitMine one week earlier at an average price of $2,387 per ETH, and in March, the foundation sold 5,000 ETH to BitMine at about $2,043 per coin. Combined, BitMine has purchased 100,000 ETH from the foundation valued at approximately $47 million in the last week alone, with the foundation announcing these sales are part of "treasury management activities" in line with previously published policy.
The foundation's latest sale has drawn criticism from some Ethereum users, with one user asking "Why do you need $46 million in 2 weeks?!" as reported by Crypto.news. The debate reflects concerns over spending, treasury planning, and payment choices for developers. The criticism comes after the foundation also unstaked 17,035 ETH, worth approximately $40 million, as part of a separate move. According to Crypto.news, the foundation's ETH sales have been the subject of criticism in the past, and the organization even announced plans to cap them last year. Staking some of its assets has been the foundation's subsequent attempt to counteract some of that pressure.
The foundation stated that the sale funds its "core operations and activities" and supports protocol research, ecosystem work, and community grants. As reported by the foundation, these sales are part of "treasury management activities" in line with previously published policy, with the foundation writing that "This sale funds the Ethereum Foundation's core operations and activities, including protocol R&D, ecosystem development, community grant funding and more." The sales come as the foundation continues to fund Ethereum research and development, with its Q1 2026 grant report focusing on zero-knowledge research, cryptography, core clients, validator security, and public infrastructure. The grants include support for Geth, Erigon, Lighthouse, validator security tools, and developer education projects.
The sales have renewed debate around how the foundation manages its ETH holdings, particularly as ETH traded near $2,290 with a 7% monthly gain in April. According to Crypto.news, some community members questioned the pace of the sales. The foundation's continued funding of long-term Ethereum infrastructure projects, including quantum-resistant systems and formal verification for RISC-V-based zkVM infrastructure, demonstrates its commitment to network development rather than short-term market activity. BitMine, chaired by Fundstrat's Tom Lee, has emerged as the largest Ethereum treasury company by holdings, with nearly 5 million ETH, and recently added over 101,000 ETH in its biggest weekly accumulation of the year. The firm has further reaffirmed its confidence in Ethereum by gradually staking all its holdings, with BitMine's staked Ethereum holdings now surpassing 74%.
