The Ethereum Foundation has completed another major over-the-counter (OTC) Ethereum sale, transferring 10,000 ETH to digital asset treasury firm BitMine Immersion Technologies in what marks the third OTC transaction between both parties.
According to reports, the latest sale was executed at an average price of approximately $2,292 per ETH, bringing the total transaction value to nearly $22.9 million. The Ethereum Foundation stated that the funds raised from the sale will be used to support its core operations, including protocol research and development, ecosystem expansion, community grants, and other network initiatives.
Vocal burn
Burn Fat Naturally. Boost Energy Daily. Transform your body with Volca Burn the natural thermogenic formula designed to support metabolism, energy, and confidence. Start your transformation today. Click here to buy
This newest transaction follows two earlier OTC deals with BitMine. In March, the Foundation sold 5,000 ETH to the company at around $2,043 per coin, before completing another 10,000 ETH sale in April at approximately $2,387 per ETH. Combined, the three transactions represent tens of millions of dollars in ETH sales directed toward treasury management and operational funding.
The Ethereum Foundation explained that the transactions align with its treasury policy introduced in 2025. Under the policy, the organization maintains reserves designed to cover roughly 2.5 years of operating expenses, periodically converting ETH into fiat or stable assets to ensure long-term sustainability.
Despite the Foundation’s explanation, the repeated ETH sales have sparked criticism within parts of the crypto community. Some Ethereum supporters questioned why the Foundation continues to sell ETH rather than relying more heavily on staking rewards or paying contributors directly in ETH.
Interestingly, the Foundation has also expanded its staking activities in recent months. Reports indicate it previously moved tens of thousands of ETH into staking contracts, aiming to generate additional yield that could reduce dependence on future token sales.
Meanwhile, BitMine continues to aggressively increase its Ethereum holdings. The company, chaired by market strategist Tom Lee, has become one of the largest institutional ETH holders in the market. Recent reports suggest the firm now controls close to 5 million ETH, representing a significant portion of Ethereum’s circulating supply.
Market analysts note that OTC deals help minimize market disruption because large transactions occur privately rather than directly on public exchanges. This approach reduces slippage and limits sudden selling pressure on Ethereum’s market price.
At the time of writing, Ethereum was trading around the $2,300 level, remaining under pressure despite growing institutional demand and continued ETF inflows into the broader crypto market.
Comments
Post a Comment