Ethereum Foundation Sells, Bitmine Buys: A Duo Drawing Criticism

Recent movements around Ethereum are drawing attention across the crypto market. The transactions between the Ethereum Foundation and Bitmine are fueling discussions, with a new transfer of 10,000 ETH and nearly $47 million in sales occurring within one week. These operations are also raising criticism within the crypto community over asset management and the balance of the ecosystem.

Ethereum Accelerates Its Massive ETH Sales

After withdrawing more than 17,000 ETH from staking, the Ethereum Foundation announced the completion of a new sale of 10,000 ETH, which was carried out through an over-the-counter agreement with Bitmine. The average price of this operation stood at $2,292.15 per ETH.

According to the organization, this sale funds its core activities. It cited research, protocol development, ecosystem support, and funding for community grants. The structure also stated that the operation falls within its normal treasury management policy.

This transaction is not an isolated one. A week earlier, the entity had already sold 10,000 ETH for around $24 million. In total, these sales represent nearly $47 million in just a few days.

These operations come after the foundation had previously indicated that it wanted to limit its Ethereum sales. At the same time, it is exploring other sources of revenue, including staking and decentralized finance.

Bitmine Strengthens Its Accumulation Strategy

Bitmine appears as the main buyer in these recent transactions. The company acquired all the assets sold, confirming its interest in Ethereum.

With nearly $47 million committed in one week, the firm is rapidly strengthening its position. These acquisitions are taking place off-market, which limits their direct impact on exchange platforms.

At the same time, the player is developing a strategy focused on staking. According to data shared by Lookonchain, it added 162,088 ETH to its locked positions.

In total, the company now holds around 4,194,029 ETH in staking, worth nearly $9.5 billion. This represents about 83% of its holdings, compared with nearly 70% the previous week. This approach allows Bitmine to generate yields while consolidating its presence in the ecosystem.

ETH Sales Trigger a Wave of Criticism in the Crypto Community

Ethereum sales by the foundation and Bitmine’s massive purchases have sparked reactions on X. Several posts have helped shape the debate.

Arkham Intelligence warned about the massive ETH sales made to Bitmine. In a post on X, the company noted that the organization still holds $214.8 million in ETH, but that this stockpile could run out if the current pace continues.

The Ethereum Foundation currently holds $214.8 million in ETH. If sales continue at this pace, it will have no ETH left by 2027.

Arkham Intelligence. Source: X

At the same time, smart contract architect Danijel criticized the management of the funds. He pointed to the amount raised in a short period and questioned the concrete use of these resources. He asked, “Seriously, why do you need $46 million in two weeks?” How much are you guys burning, and what for? Why is no one from the devs taking ETH directly as payment?!?!”

Despite these reactions, Ethereum’s price rose by more than 2% on Friday, reaching around $2,309.80 after the announcement. This move shows that the market absorbed these sales without a major immediate reaction.

Ultimately, these movements illustrate growing tensions around the management of the asset. On one hand, the foundation justifies its sales by funding its activities and developing the ecosystem. On the other hand, questions about transparency and the sustainability of this strategy are being fueled by Bitmine’s rapid accumulation and the pace of the transfers. The market currently appears to be absorbing these operations without major disruption, but the debate within the community could intensify. In the medium term, the foundation’s ability to balance funding, trust, and stability will remain a key issue for the future of ETH.