Ethereum Foundation Sells 10,000 ETH for $22.9M in Third OTC Deal

Highlights:

• Ethereum Foundation sold 10,000 ETH for $22.9M to fund research and grants.
• The rapid ETH sales and unstaking activity have raised fresh questions from the community.
• Ethereum is holding near $2,303 as large institutional buyers absorb supply from repeated sales.

The Ethereum Foundation announced on Friday that it had sold 10,000 ETH to BitMine Immersion Technologies through an over-the-counter deal. The Foundation priced the transaction at $2,292 per coin and received about $22.9 million from the sale.

Ethereum Foundation dumped another 10,000 $ETH ($22.92M) via Bitmine OTC.

Over the past 3 months? They've sold 49,326 ETH totaling $107.48M at an average price of $2,179.

Insiders selling into strength while retail apes the top. Classic.

This is why I always watch where the… pic.twitter.com/LfMs7zo1Wb

— Macro Mike (@mikeonflows) May 2, 2026

The Foundation stated that it will use the funds for protocol research, ecosystem development, and community grants. It said these programs support developers who build applications and tools on the Ethereum network. It added that the funds also support internal operations that keep the network running.

1/ This sale funds the EF’s core operations & activities, including protocol R&D, ecosystem development, community grant funding and more.

The onchain tx will be from this EF @safe multisig: 0x9fC3dc011b461664c835F2527fffb1169b3C213e

— Ethereum Foundation (@ethereumfndn) May 1, 2026

The Ethereum Foundation confirmed that this deal marks its third ETH sale to BitMine within a few months. It sold another 10,000 ETH to the same firm one week earlier at $2,387 per coin. It also sold 5,000 ETH to BitMine in March at about $2,043 per coin.

The Foundation sells ETH in OTC transactions to companies such as BitMine without using open exchanges to prevent abrupt declines in price. These deals allow the Foundation to sell large amounts of ETH to a single buyer without triggering sharp market reactions.

More ETH Sales and Unstaking Raise Questions From the Community

The Foundation increased ETH sales in recent weeks by executing multiple large transactions within a short period. It sold about $47 million worth of ETH through these deals in a limited timeframe. It also completed a separate 10,000 ETH sale to another treasury firm in July last year.

The Ethereum Foundation unstaked 17,035 ETH in the same period to add liquid funds to operations. These assets carry a value of about $40 million at the current prices. This action decreased the quantity of ETH locked in validators and freed up money to be used. The Foundation had previously staked 70,000 ETH to fund network security. The recent unstaking indicates that it shifted off that target to ensure liquidity.

Users on X reacted to these developments with direct criticism. One user asked why the Foundation needed $46 million within two weeks to fund operations. The same user questioned how the Foundation spends the funds raised from these sales. Another user asked why developers do not accept ETH directly instead of relying on cash funding.

Ffs, why do you need $46m in 2 weeks?! How much are you guys burning and what for? Why is no one from the devs taking ETH directly as payment?!

— Danijel (@veryHighLander) May 1, 2026

The Foundation had earlier stated that it would limit ETH sales after facing similar criticism. It later increased staking to show long-term commitment. However, the recent sales and unstaking actions have renewed debate among users and investors.

Ethereum Foundation Activity Meets Strong Buying While Price Holds

Large institutional buyers have been buying ETH during the recent market volatility caused by geopolitical tensions. BitMine Immersion Technologies recently disclosed that it bought 101,901 ETH within one week to expand its holdings. The firm spent about $235 million on this purchase based on the current market prices. BitMine now holds more than 5.078 million ETH after these acquisitions.

Meanwhile, Ethereum is trading near $2,304, a 1.03% increase in the past day amid the Ethereum Foundation’s sale. The trading volume is up 6.75% to $11.38 billion as of press time. Meanwhile, the market cap stands at $278.14 billion. ETH remains more than 53% below its all-time high of $4,953 reached in August last year. Analysts expect ETH to hit $2,463 in the short term as the market recovers.