Ethereum Foundation Offloads $23M in ETH to BitMine for Third Time in Two Months | Crypto ETF News
Crypto ETF news: Ethereum Foundation Offloads $23M in ETH to BitMine for Third Time in Two Months. This update explains what changed, why it matters for institutional adoption, market flows, and investor sentiment, and what the crypto market should watch next.
Institutional And ETF Update
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.Ethereum Foundation sells 10,000 ETH. Source: Ethereum FoundationThe move also comes after the foundation unstaked 17,035 ETH worth roughly $40 million last week, apparently dropping its stated goal of 70,000 staked ETH.Related: These 3 Ethereum metrics favor an ETH price rally to $6KEF under scrutiny over ETH salesThe repeated sales have drawn criticism from the community. “Why do you need $46 million in 2 weeks?! How much are you guys burning and what for? Why is no one from the devs taking ETH directly as payment?!” one user wrote in response to the announcement.The Foundation has faced scrutiny over its ETH sales before, and at one point last year said it planned to limit them. It has since moved to offset some of that pressure by staking a portion of its holdings.ETH is currently trading at around $2,303, largely flat over the past day, according to data from CoinMarketCap. However, the token is down by more than 53% compared to its all-time high of $4,953 registered in August last year.Related: Ether treasuries need liquid staking edge to beat ETFs, says Lido execBitMine nears 5 million ETHBitMine, chaired by Tom Lee, is the largest Ethereum treasury company by holdings, with nearly 5 million ETH on its books. The milestone was reached after the firm added 101,901 ETH in its biggest weekly purchase of the year.The company has also been aggressively staking its holdings, with 83% of its cumulative ETH, around 4.19 million coins worth roughly $9.5 billion, now staked as of Thursday, up from about 70% the previous week.Magazine: Your guide to surviving this mini-crypto winterCointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Why This ETF News Matters
First, this development may affect institutional demand, exchange flows, market liquidity, and broader investor confidence. In addition, it may influence custody trends, fund positioning, and future crypto product approvals. As a result, traders and investors should watch the next moves closely.
What To Watch Next
Watch for filing updates, approval decisions, inflow and outflow data, custody changes, and asset manager commentary. In particular, any new developments involving BlackRock, Grayscale, Fidelity, or major spot ETF products could directly affect the broader crypto market.
