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The Ethereum Foundation has sold roughly $47 million worth of ETH to BitMine over the past week, prompting renewed criticism of the pace and scale of its off-market sales.
In a Friday post on X, the Ethereum Foundation said it completed a third over-the-counter (OTC) sale of ETH to BitMine Immersion Technologies, selling another 10,000 ETH at an average price of $2,292 per coin. The transaction was worth roughly $22.9 million.
The Foundation said the proceeds fund its core operations and activities, including protocol R&D, ecosystem development, community grant funding, and related work.
The latest sale follows a nearly identical 10,000 ETH transaction completed one week earlier at an average price of $2,387 per coin.
The Foundation’s first sale to BitMine came in March, when it sold 5,000 ETH at around $2,043 per coin.
Combined, the Foundation has sold approximately $47 million worth of ETH to BitMine in the past week alone.
The move comes after the Foundation unstaked 17,035 ETH worth roughly $40 million last week, which appeared to reduce progress toward its stated goal of 70,000 staked ETH.
ETH was trading at around $2,303, largely flat over the past day, according to CoinMarketCap data. The token is down by more than 53% versus its all-time high of $4,953, recorded in August last year.
BitMine, chaired by Tom Lee, is described as the largest Ethereum treasury company by holdings, with nearly 5 million ETH on its books.
The milestone was reached after the firm added 101,901 ETH in its biggest weekly purchase of the year.
BitMine has also been increasing its staking exposure. As of Thursday, 83% of its cumulative ETH—about 4.19 million coins worth roughly $9.5 billion—was staked, up from about 70% the previous week.
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