02.05.2026 09:43
The Ethereum Foundation announced today that it has completed its third over‑the‑counter (OTC) disposal of ether to BitMine Immersion Technologies. Under the agreement, 10,000 ETH were sold at an average price of $2,292, generating roughly $22.9 million for the nonprofit.
The transaction, sealed with the OTC counterpart @BitMNR, earmarks the proceeds for “core operations” such as protocol research and development, ecosystem expansion, and community grant programs. It mirrors the sale concluded on April 24, when the foundation off‑loaded another 10,000 ETH at about $2,387 each.
The foundation’s treasury has been steadily shedding ether in recent months. In March it sold 5,000 ETH at roughly $2,043 per token, and the latest deal follows a nearly identical pattern. Both transactions are framed as part of a broader treasury‑management strategy outlined in the organization’s published policy.
According to data published by StrategicEthReserve, BitMine now controls about 4.5 million ETH—valued at more than $10 billion—representing roughly 3.8 % of the total supply. The firm also tops the staking‑volume leaderboard, having locked in over 4 million ETH.
Not all members of the Ethereum community have greeted the sales with enthusiasm. One observer asked why the foundation would need “$46 million in just two weeks,” questioned how the funds would be spent, and pointed out the puzzling fact that few developers accept ETH directly for payment.
The foundation has previously faced scrutiny over similar OTC disposals. In response, it pledged last year to curb future sales. Meanwhile, BitMine Immersion Technologies reported a stark financial swing in the first quarter of 2026, posting a net loss of $3.82 billion compared with a mere $1.15 million loss a year earlier.
