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Recent transactions involving Ethereum are drawing renewed attention across the crypto market, after the Ethereum Foundation sold 10,000 ETH to Bitmine in an over-the-counter deal. Within one week, the sales and related activity were reported at nearly $47 million, prompting debate over asset management and the broader implications for the ecosystem.
The Ethereum Foundation said it completed a new sale of 10,000 ETH after withdrawing more than 17,000 ETH from staking. The transaction was executed through an over-the-counter agreement with Bitmine.
The average sale price was reported at $2,292.15 per ETH. The organization stated that the proceeds are intended to fund its core activities, including research, protocol development, ecosystem support, and community grants. It also said the operation aligns with its normal treasury management policy.
Bitmine was identified as the main buyer in the recent transactions, acquiring the assets sold. The reported nearly $47 million committed in one week suggests a rapid strengthening of its position, with the purchases occurring off-market, which limits direct impact on exchange platforms.
Alongside the acquisitions, Bitmine is also developing a staking-focused approach. Lookonchain data cited in the article indicates that Bitmine added 162,088 ETH to its locked positions.
In total, Bitmine holds around 4,194,029 ETH in staking, worth nearly $9.5 billion. The article states this is about 83% of its holdings, compared with nearly 70% the previous week. The strategy is described as a way to generate yields while consolidating Bitmine’s presence in the ecosystem.
On X, the foundation’s sales and Bitmine’s large purchases triggered criticism and questions about transparency and sustainability.
Arkham Intelligence warned that the Ethereum Foundation’s ETH holdings could run out if the current pace continues. It noted that the organization still holds $214.8 million in ETH and added that, at the reported sales pace, it “will have no ETH left by 2027.”
Smart contract architect Danijel also criticized the management of the funds, questioning why such a large amount—reported as $46 million over two weeks—was needed and what the resources were being used for. He asked why developers were not taking ETH directly as payment.
Despite the criticism, the article reports that Ethereum’s price rose by more than 2% on Friday, reaching around $2,309.80 after the announcement. This suggests the market absorbed the sales without a major immediate reaction.
Overall, the developments underscore growing tensions around how ETH assets are managed. The Ethereum Foundation frames the sales as necessary to fund research, development, ecosystem support, and community grants. At the same time, the community debate is being fueled by the pace of transfers and Bitmine’s rapid accumulation through staking. While the market currently appears to be absorbing the operations, the article notes that the discussion within the community could intensify, and that balancing funding, trust, and stability remains a key issue for ETH going forward.
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