The Ethereum Foundation has completed a third over-the-counter sale of ETH to BitMine Immersion Technologies, offloading 10,000 ETH at an average price of $2,292 per coin for a total of approximately $22.9 million. The transaction, disclosed in a post on X, brings the combined value of ETH sold to BitMine across three separate deals to roughly $47 million, with proceeds directed toward the Foundation's core operations including protocol research and development, ecosystem grants and community programs.

Third OTC Deal Follows Rapid Succession of Sales

The latest transaction follows a nearly identical 10,000 ETH sale completed just one week earlier at $2,387 per coin, worth approximately $23.9 million. The Foundation's first sale to BitMine came in March, when it offloaded 5,000 ETH at around $2,043 per coin. The three deals together represent a concentrated period of ETH liquidation by the Foundation, with approximately $47 million transferred to BitMine in the span of roughly six weeks.

BitMine Immersion Technologies, the counterparty in all three transactions, is a publicly traded company focused on cryptocurrency mining and digital asset infrastructure. The OTC structure of the deals allows the Foundation to sell large quantities of ETH without directly impacting open market prices, a common approach for institutional-scale transactions in digital assets.

Foundation Also Unwinds Staking Position

The OTC sales coincide with a separate decision by the Foundation to unstake 17,035 ETH worth approximately $40 million, a move that appears to signal a departure from its previously stated goal of maintaining 70,000 staked ETH. The unstaking was flagged by on-chain analysts and drew attention given its timing alongside the accelerating pace of OTC sales.

The Foundation has historically maintained a treasury of ETH to fund its long-term operations, and periodic sales have been a standard part of its financial management. However, the concentration of three OTC transactions within a short window, combined with the unstaking activity, has prompted questions from some community members about the pace of ETH liquidation relative to the Foundation's operational needs.

Proceeds Fund Protocol Research and Ecosystem Grants

The Foundation stated that proceeds from the sales fund its core operations and activities, encompassing protocol research and development, ecosystem development, community grant funding and related programs. The Ethereum Foundation has long served as a primary source of funding for open-source development on the Ethereum network, supporting teams working on client software, cryptographic research and developer tooling.

The Foundation's treasury management practices have periodically drawn scrutiny from the broader Ethereum community, particularly during periods of elevated ETH prices when sales can appear to weigh on market sentiment. The latest round of transactions arrives as Ethereum continues to navigate a competitive landscape among smart contract platforms, with the network's long-term roadmap centered on scaling improvements and continued decentralization.