The Ethereum Foundation completed a second over-the counter ETH sale, this time to BitMine Immersion Technologies.
The following is a summary of the information that you will find on this page.
- Ethereum Foundation has sold BitMine 10,000 Ethereum, its third OTC transaction in the last two months.
- After the Foundation also unstaked assets worth about 40 million dollars, community members questioned why the Foundation was selling ETH so frequently.
- According to the foundation, ETH sales are used for operations, grant research, protocol development, and broader ecosystem work.
This move was made as questions continued to be raised about the Foundation’s treasury activities, its grant funding and recent unstaking of ETH.
Ethereum Foundation sold 10,000 Ethereum to BitMine for an average of $2.292 per coin. This was the third OTC deal that BitMine had made with Ethereum Foundation in just two months. The transaction valued about $22.9million.
The foundation said It wrote, “The sale would fund its operational needs.” This is what it wrote. “This sale funds the Ethereum Foundation’s core operations and activities.” The funding also included protocol research, eco-work, and grants to communities.
This latest deal followed a previous sale of 10,000 ETH to BitMine a week before. The previous deal was at $2,387 on average per ETH. The foundation’s March meeting also took place. sold BitMine will accept 5,000 ETH at a cost of $2.043.
Recent sales of ETH by the Foundation have rekindled debates about the way the foundation handles its ETH assets. Members of the community questioned how fast the sales were happening, as ETH was trading near $2300.
Questions from the community after multiple sales
Ethereum users have criticised the latest foundation sale. One Ethereum user asked, “Why do you need $46 million in 2 weeks?!” Comment: The comments expressed concern regarding spending, budget planning, and developer payment.
A separate debate followed the discussion. move By the foundation to unstake 17,035 ETH valued at about $40 Million. Arkham data revealed that as part of Lido’s withdrawal process, the foundation deposited staked ETH wrapped into Lido’s unstETH contracts.
Crypto.news stated that at the time, the foundation hadn’t publicly announced the decision to unstake. Some users questioned if the ETH would be able to later go on exchanges or sold.
No official announcement has linked unstaking with a market transaction. In Ethereum the unstaking initiates a request for withdrawal, and returns Ethereum after the process is completed.
Ethereum Grants Point to Long-Term Ethereum Work
It is a continuation of the research and development that has been funded by the foundation. The foundation’s grant for Q1 of 2026 report Focused on cryptography, public infrastructure, core client, zero-knowledge security and validator security.
Grants were given to Geth, Erigon and Lighthouse security tools as well as node discovery. Foundation also supported projects related to Poseidon’s hash analysis and quantum-resistant system, as well as formal verification of RISC V-based zkVM Infrastructure.
Also, funding was allocated to the development of developer training, WalletConnect’s clear-signing tool, L2BEAT analysis, privacy standards, identity tools, and research on DAO governance. The foundation continues to direct capital towards network infrastructure, rather than short-term markets.
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Source: crypto.news
