The Ethereum Foundation sold 20,000 ETH to Bitmine through two over-the-counter transactions completed within two weeks, with the combined value reaching about $46 million. Bitmine, led by CEO Tom Lee, had bought 10,000 ETH last week and followed with another purchase of the same size this week, adding to its Ethereum reserves in a short span.
Bitmine pushes its ETH reserves past 5 million
After the latest purchases, Bitmine's Ethereum holdings moved above 5 million ETH, giving the company control of roughly 4.2% of total ETH supply. The company has stated a target of reaching a 5% market share, and these deals moved it closer to that level. Bitmine has also staked around 70% of its ETH holdings to generate yield, in line with its long-term accumulation plan.
Two 10,000 ETH sales cleared at different prices
Both transactions involved 10,000 ETH, but the pricing differed. The first batch was sold at an average price of $2,387, while the second 10,000 ETH was priced at $2,292.15 on average. Data cited from CryptoAppsy showed that after the sales, ETH rose by more than 2% to $2,309.80.
In its official statement, the Ethereum Foundation said, “Today we finalized the sale of 10,000 ETH via OTC in full compliance with our treasury management policies.” The use of OTC execution meant the transactions were not sold directly into exchange order books.
Community reaction centers on pace and disclosure
The back-to-back sales triggered debate across forums and social media. Some users questioned why the foundation needed to liquidate roughly $46 million in ETH over such a short period. Others speculated about whether the proceeds were intended to cover developer salaries or operating expenses.
Another group called for more transparency around the transactions. At the same time, some participants argued that OTC sales are less likely to cause major disruption in the broader market than exchange-based selling. A number of community members compared the activity to large-scale buying patterns seen around Bitcoin and MicroStrategy, warning that sustained concentration in market activity could create risks. Some comments suggested ETH could fall by as much as 15% if the selling were to continue.
Foundation says sales support operations and ecosystem spending
The Ethereum Foundation has previously said its asset sales are meant to balance short-term operational needs with long-term strategy. According to the material, the funds raised are designated for protocol research, ecosystem development, and community grants. The foundation also said that, historically, part of the ETH it sold had been deployed into DeFi protocols and staked to generate additional active yield and support its financial position.