The Ethereum Foundation has sold 10,000 ETH to BitMine Immersion Technologies, netting around $22.9 million at an average price of $2,292 per ETH. As one of the largest organizations managing decentralized development and community investments behind Ethereum, the Foundation stated that the funds would be used to support core operations, protocol research and development, ecosystem investments, and community grant programs.
Details of the sale series
This latest transaction closely followed a similar sale the previous week, in which the Foundation sold another 10,000 ETH to BitMine at an average price of $2,387 per coin, amounting to approximately $23.87 million in total. Earlier in March, the Foundation had sold 5,000 ETH to BitMine at a $2,043 average price. With these recent deals, BitMine has added roughly $47 million worth of ETH to its portfolio over the last seven days alone.
Recent wallet movements by the Ethereum Foundation also attracted attention after it withdrew 17,035 ETH from staking last week, equivalent to about $40 million at current market prices. This move suggests the Foundation has shelved its previous target of maintaining 70,000 ETH in staking, at least for now.
Community reactions and criticism
The back-to-back sales have sparked debate within the crypto community. Some members have questioned why the Foundation required $46 million in such a short time, and why developers are not being compensated directly in ETH. Overall, these reactions highlight calls for increased transparency regarding the Foundation’s financial decisions.
One community member summarized the sentiment by asking, “Why do you need $46 million in two weeks? How much are you spending, and what exactly is it for? Isn’t anyone getting paid directly in ETH?” reflecting the demand for greater clarity.
Last year, the Ethereum Foundation faced similar criticism over sell-offs and temporarily pledged to limit such activities. To offset community concerns, it subsequently allocated a portion of its assets to staking, aiming to reduce pressure from further sales.
BitMine’s ETH reserves surge
BitMine Immersion Technologies has been rapidly growing its Ethereum holdings. The company now possesses the largest institutional Ethereum reserve globally, totaling nearly 5 million ETH. This milestone was reached after BitMine recorded its largest weekly purchase of the year, adding 101,901 ETH to its assets. The board is chaired by Tom Lee, who is well known in the crypto sector for his views on investment trends and risk management.
Currently, around 83% of BitMine’s ETH holdings, or about 4.19 million ETH, are actively staked on the network. This portion has increased from approximately 70% last week, reflecting a notable short-term boost and reinforcing BitMine’s contribution to Ethereum network security.
ETH is currently trading at around $2,303, with little price movement in the past 24 hours. However, Ethereum’s value has declined more than 53% from its all-time high of $4,953, recorded last August. According to CryptoAppsy data, ETH maintains this price level.
The Ethereum Foundation’s latest sales and staking strategy continue to be scrutinized by the community as the organization manages its substantial resources. Market watchers are paying close attention to whether further portfolio adjustments are forthcoming in the weeks ahead.
At the same time, BitMine’s pace of accumulation could lead to longer-term impacts on both its own operations and the broader ETH market, raising questions about future staking rates and liquidity.
As both organizations adapt their strategies, industry analysts suggest these moves may hint at evolving priorities for resource management within the Ethereum ecosystem.
The industry awaits further updates on how these major players deploy their ETH reserves, with particular focus on transparency, sustainability, and the ongoing development of Ethereum’s infrastructure.
