Ethereum Foundation Sells 10,000 ETH to Bitmine; Buyer Nears 5%

The Ethereum Foundation completed an over-the-counter sale of 10,000 ETH to Tom Lee’s Bitmine on Friday, increasing Bitmine’s total holdings to 5,088,386 ETH, roughly 4.2% of the circulating supply.

The foundation posted on X: “Today, the Ethereum Foundation finalized the terms of a 10,000 ETH sale at an average price of $2,292.15 via OTC.” The organization said proceeds from the sale will fund protocol research, ecosystem development and community grants and that the trade aligns with its treasury management policies.

Bitmine bought 10,000 ETH from the foundation last week at about $2,387 per token and purchased 5,000 ETH from the foundation the month before for roughly $10 million. Those transactions bring the total sold to Bitmine over recent weeks to about 25,000 ETH. Bitmine has increased its staking activity, with staked exposure nearing 70% as of last week.

Traders responded to the latest purchase with a modest price increase. Ethereum traded about 2% higher to roughly $2,309.80 after the buy was reported.

Some members of the crypto community questioned the pace of the foundation’s sales. One X user wrote, “Why do you need $46m in 2 weeks?! How much are you guys burning and what for? Why is no one from the devs taking ETH directly as payment?!” Another user posted that the sales could push Ethereum lower by as much as 15%. Other users noted that over-the-counter trades often have limited immediate impact on open-market prices.

The foundation previously outlined plans to keep short-term operations aligned with long-term strategy, channel capital into decentralized finance projects and expand its staking activity. The foundation has framed recent sales as part of routine treasury management to fund research and grants.