What to Know
- $22.9 million, The Ethereum Foundation sold 10,000 ETH to BitMine at $2,292 per coin in its third OTC crypto deal
- $47 million worth of ETH has been sold to BitMine by the Ethereum Foundation in just one week
- BitMine Immersion Technologies now holds nearly 5 million ETH, making it the largest Ethereum treasury company by holdings
- ETH is trading near $2,303, down more than 53% from its all-time high of $4,953
The Ethereum Foundation closed its Third OTC Crypto Deal with BitMine this month, with another 10,000 ETH sold at an average price of $2,292 per coin for roughly $22.9 million. Combined with two earlier transactions, the Foundation has now moved more than $47 million worth of ETH to BitMine in a single week. Community members are asking hard questions about why the pace has accelerated so sharply.
Inside the Ethereum Foundation’s Third OTC Crypto Deal With BitMine
The Ethereum Foundation announced the latest transaction on X on Friday. The stated reason was the same as always: the proceeds cover core operations. That means protocol research and development, ecosystem support, community grant funding, and related day-to-day costs.
The deal history with BitMine started in March. The Foundation sold 5,000 ETH at around $2,043 per coin in that first transaction. A second OTC crypto deal followed roughly one week before this announcement, transferring another 10,000 ETH at $2,387 each. The Ethereum Foundation BitMine third OTC deal 22.9 million now adds a third block at $2,292 per coin.
Three deals across six weeks is a faster tempo than what the Foundation has historically maintained. The price per coin slipped slightly between the second and third sale, meaning the Foundation netted a bit less this time around. Across all three deals the total comes to roughly $47 million in ETH transferred directly from the Foundation’s treasury.
Over-the-counter deals are structured to avoid open exchange order books. The Foundation is not dumping on retail. But the volume and timing have still caught the community’s attention.
This sale funds the Ethereum Foundation’s core operations and activities, including protocol R&D, ecosystem development, community grant funding and more.
Why Is the Community Criticizing the Sales?
Pushback arrived almost immediately after the announcement. One user replied directly to the Foundation’s post and asked how it could need $46 million in two weeks. The same reply challenged the Foundation on its burn rate and raised the question of why developers could not take ETH directly as compensation, cutting out the need to sell at all.
The Ethereum Foundation has heard versions of this criticism before. More than a year ago it acknowledged the community’s concerns and said it planned to cap its ETH sales. That commitment has not held at the current pace of transactions.
One attempt to manage the optics was staking. The Foundation began staking a share of its ETH holdings to show it was invested in the network’s long-term health. But last week it reversed some of that. The Ethereum Foundation unstaked 17,035 ETH Lido withdrawal removed roughly $40 million worth of ETH from Lido, dropping the Foundation’s staked balance below its own stated floor of 70,000 ETH. That move made the staking story harder to defend.
Why do you need $46 million in 2 weeks?! How much are you guys burning and what for? Why is no one from the devs taking ETH directly as payment?!
BitMine Is Now the Largest ETH Treasury Company
BitMine Immersion Technologies sits on the other side of every one of these OTC crypto deals. Chaired by Tom Lee, the company has been accumulating ETH aggressively. Its latest milestone came after it added 101,901 ETH in a single week, the company’s largest weekly purchase of 2026.
The BitMine Immersion Technologies 101,901 ETH largest weekly purchase 2026 pushed its total holdings past 5 million ETH, making BitMine the largest Ethereum treasury company in the world by that measure. No other single institution holds more ETH on its balance sheet.
BitMine is not sitting on those coins. As of Thursday, 83% of its cumulative ETH, roughly 4.19 million coins worth approximately $9.5 billion, is staked. The week before, the staking ratio was around 70%. The sharp increase in staked share signals a deliberate move toward yield generation, not just accumulation for its own sake.
Tom Lee’s track record in financial markets lends credibility to the strategy. The playbook is straightforward: source large blocks through OTC crypto deals with willing sellers, stake most of the acquired ETH, and build the dominant institutional position in Ethereum over time.
What Do These Sales Mean for ETH Price?
ETH was trading near $2,303 at the time of the announcement, according to CoinMarketCap. The price was largely flat on the day. That steadiness held even as the Foundation moved tens of millions of dollars worth of ETH in a single week.
The OTC structure explains part of that. When the Foundation sells directly to BitMine, the coins never hit a public exchange. There is no wall of ETH hitting the bid side of an order book. The impact is absorbed privately between two parties.
But the bigger-picture trend is still uncomfortable for ETH holders. The token is down more than 53% from its all-time high of $4,953, which was set in August last year. A major institutional seller like the Ethereum Foundation is offloading while a major buyer like BitMine is accumulating and staking. Those two positions tell very different stories about conviction.
A Lido executive pointed out recently that Ether treasury companies need a liquid staking edge to compete with crypto ETFs. BitMine’s move to stake 83% of its holdings fits that framing. It is building compounding yield on top of one of the largest single-entity ETH positions ever assembled.
How Much ETH Has the Foundation Transferred in Total?
Adding up the three OTC crypto deals: 5,000 ETH in March, then 10,000 ETH last week, then 10,000 ETH this week. That is 25,000 ETH sent to BitMine since the relationship began. At current prices that stack is worth roughly $57 million.
The Foundation has not disclosed its remaining ETH balance in these announcements. The staking picture adds another layer. The Foundation unstaked 17,035 ETH last week via Lido, falling below the 70,000 ETH floor it had previously committed to. Between the OTC sales and the Lido withdrawal, the Foundation’s ETH position has moved significantly in a short period.
Critics are not arguing the Foundation should never sell. Treasury management requires selling assets to meet expenses. The argument is about rate. Two 10,000 ETH deals in the same week, following a prior deal just six weeks ago, reads less like routine operations and more like an accelerated drawdown.
Whether there are more OTC crypto deals with BitMine in the pipeline is not known. BitMine’s appetite for ETH at this scale appears intact. The Foundation’s rate of spending is the open question that the community is now watching closely.
Frequently Asked Questions
What is the Ethereum Foundation's third OTC crypto deal with BitMine?
The Ethereum Foundation sold 10,000 ETH to BitMine Immersion Technologies at an average price of $2,292 per coin, raising roughly $22.9 million. It is the third over-the-counter crypto deal between the two parties, after a 5,000 ETH sale in March and a 10,000 ETH sale one week earlier at $2,387 per coin.
Why is the Ethereum Foundation selling ETH through OTC deals?
The Foundation says proceeds fund core operations including protocol R&D, ecosystem development, and community grants. OTC deals move large ETH blocks to a single buyer off-market, avoiding public exchange order books and limiting immediate downward price pressure on ETH. Critics argue the timing during a weak ETH market still magnifies sell pressure.
How much ETH does BitMine Immersion Technologies hold?
BitMine holds nearly 5 million ETH, making it the largest Ethereum treasury company by holdings. About 83% of its total, roughly 4.19 million coins worth approximately $9.5 billion, is currently staked. BitMine added 101,901 ETH in its biggest single weekly purchase of the year, as of 2026.
What is the current ETH price after these OTC sales?
ETH is trading near $2,303 according to CoinMarketCap, roughly flat over the past day. The token remains more than 53% below its all-time high of $4,953 set in August last year. The OTC deal structure has so far limited visible open-market price impact from the Foundation’s sales.
This article is for informational purposes only and does not constitute investment advice. Every investment and trading decision involves risk. Readers should conduct their own research before making any financial decisions.
10k ETH at $2,290 average, slightly below spot when this cleared. Curious if BitMine is accumulating for treasury or just brokering for a fund downstream.
third OTC in a week and people are still pretending the EF doesn’t have a selling problem
Been around since the DAO fork and every single cycle the foundation gets dragged for funding their work through ETH sales. $47M across a week is nothing compared to what miners used to dump daily in 2018, the outrage feels manufactured.