Ethereum Foundation has sold another 10,000 ETH to Bitmine Immersion Technologies, extending a recent series of treasury transactions that have drawn close market attention.
The over-the-counter deal was valued at about $23 million and followed a similar 10,000 ETH sale to Bitmine last week. The foundation said the proceeds will support its long-term roadmap, including protocol research, ecosystem work, and community grants.
Ethereum Foundation Uses Treasury Policy
The latest sale was completed at an average price of $2,292.15 per ETH through an OTC transaction. The Ethereum Foundation said the deal followed its established treasury management approach, which aims to fund operations while keeping long-term network goals in focus.
The move has still raised questions across the crypto market because it marks another large sale within a short period. Some community members view repeated ETH sales as a worrying signal, while others argue that OTC deals reduce direct pressure on exchange prices.
The foundation has previously said it wants to manage reserves more carefully and align near-term funding needs with long-term strategy. It has also discussed broader use of DeFi tools and more staking activity as part of its financial planning.
Bitmine Moves Closer To ETH Supply Target
Bitmine has become one of the most aggressive institutional buyers of Ethereum. Its latest purchase lifted its holdings to 5,088,386 ETH, equal to about 4.2% of Ethereum’s total supply.
The company is now close to its stated target of holding 5% of Ethereum’s supply. Bitmine previously bought 10,000 ETH from the foundation at around $2,387 per token and also purchased 5,000 ETH from the same source last month for about $10 million.
Chairman Tom Lee has repeatedly supported the company’s Ethereum accumulation strategy. He has argued that large-scale buying can create supply pressure and strengthen Bitmine’s long-term exposure to the asset.
Bitmine has also increased its focus on staking. Recent reports show that nearly 70% of its ETH exposure has been placed into staking activities as the company seeks yield from its holdings.
Crypto Community Questions Sales
The repeated Ethereum Foundation sales have triggered mixed reactions from market participants. Some users questioned why the foundation needed about $46 million in two weeks and asked how the money would be spent.
Others suggested the sale to Bitmine could weaken market confidence, while some warned that continued selling might create pressure on Ethereum’s price. However, supporters noted that OTC transfers usually have less immediate market impact than open-market selling.
Ethereum traded higher after the latest purchase, rising more than 2% to about $2,309.80. The price move showed that the market reaction remained measured, even as debate continued over the foundation’s reserve strategy and Bitmine’s growing role in Ethereum ownership.
