The Ethereum Foundation has now sold roughly $47 million worth of ETH to BitMine in a week, drawing fresh criticism over the pace and scale of its sales.
The Ethereum Foundation has completed a third over-the-counter (OTC) sale of ETH to BitMine Immersion Technologies, offloading another 10,000 ETH at an average price of $2,292 per coin, worth roughly $22.9 million.
“This sale funds the Ethereum Foundation’s core operations and activities, including protocol R&D, ecosystem development, community grant funding and more,” the Foundation wrote in a Friday post on X.
The sale follows a nearly identical 10,000 ETH transaction completed just one week earlier at $2,387 per coin. The Foundation’s first sale to BitMine came in March, when it sold 5,000 ETH at around $2,043. Combined, the Foundation has sold approximately $47 million worth of ETH to BitMine in the past week alone.
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