Ethereum Foundation Sells Another 10K ETH to BitMine for $22.9M

• Just one week before to this sale, at $2,387 per coin, a transaction involving 10,000 ETH was finalized.
• 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.

In its third round of over-the-counter (OTC) sales to BitMine Immersion Technologies, the Ethereum Foundation has sold 10,000 ETH for an additional $22.9 million, or an average price of $2,292 per coin.

In a post on X published on Friday, the Ethereum Foundation said that the proceeds from this sale would go toward supporting the organization’s fundamental purposes, including protocol research and development, ecosystem development, community grant financing, and more.

Just one week before to this sale, at $2,387 per coin, a transaction involving 10,000 ETH was finalized. In March, the Foundation sold 5,000 ETH to BitMine for about $2,043. This was the first sale to BitMine. Combined, BitMine has purchased ETH from the Foundation valued at almost $47 million in the last seven days.

Rising Criticism Over Sales

This comes after last week, the foundation reportedly abandoned its declared aim of having 70,000 staked ETH and instead unstaked 17,035 ETH, valued at almost $40 million. 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 its subsequent attempt to counteract some of that pressure.

The price of Ethereum (ETH) has remained relatively unchanged over the previous 24 hours, with statistics from CoinMarketCap showing a price of about $2,304. The token’s value has decreased by about 53% from its August 2025 all-time high of $4,953.

BitMine, run by Tom Lee, has approximately 5 million ETH, making it the biggest Ethereum treasury corporation by holdings. The company’s largest weekly buy of the year—101,901 ETH—led to the achievement of the milestone.

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