Ethereum Foundation Sells 10,000 ETH to BitMine in Third OTC Deal

Ethereum Foundation completed its third OTC deal with BitMine in six weeks. On May 2, 2026, the organization sold 10,000 ETH for approximately $22.9 million at current prices. Across the full series of transactions, total ETH sales to BitMine reached 25,000 coins worth roughly $57 million.

All three deals took place while the price of Ethereum sat well below its all-time high. As of May 2, the token trades at $2,303, down 53% from the peak of $4,953 recorded in August 2025. The Foundation is liquidating reserves in a depressed market.

Three deals, three price points: how the series unfolded

The first deal between Ethereum Foundation and BitMine closed in March 2026. The Foundation transferred 5,000 ETH at roughly $2,043 per coin. Total proceeds from the initial transaction came to approximately $10.2 million.

Late April brought the second deal: 10,000 ETH at $2,387 per coin, generating $23.9 million. Volume doubled compared to March. On May 2, the deal repeated in size but at a lower price of $2,290 per coin. The third sale brought $22.9 million. Combined, the two most recent deals totaled $46.8 million.

All three transactions were structured as over-the-counter deals. OTC sales bypass exchange order books, so they create no direct pressure on the spot market. Buyer and seller agree on a price bilaterally. For Ethereum Foundation, it is a way to move large volumes without pushing the market down.

Why the Foundation needs $57 million in two months

After closing the third deal, Ethereum Foundation posted a comment on X. "This sale funds the Ethereum Foundation's core operations and activities, including protocol R&D, ecosystem development, community grant funding and more," the organization wrote.

The official statement gives no breakdown of expenses. Neither the payroll nor specific grant programs appear in any public financial disclosure. Over the years, the Foundation has operated on a model where ETH reserves are gradually sold to cover running costs, with no public quarterly reports provided.

$57 million from the three sales, combined with $40 million from 17,035 ETH unstaked from Lido a week ago, puts total liquid proceeds above $97 million over two months. That pace points to a significant build-up of operating reserves.

17,035 ETH unstaked from Lido: a shift in reserve strategy

A week ago, Ethereum Foundation withdrew 17,035 ETH worth around $40 million from the Lido protocol. Until recently, the organization publicly held a target of keeping at least 70,000 ETH staked. Removing more than 17,000 coins in one move shows that target has been dropped.

Staking through Lido yields roughly 3-4% annually in ETH. At $2,303 per coin, those 17,035 ETH would generate $1.2-1.6 million per year. The Foundation gave up that income stream in exchange for liquid capital.

Both moves (the Lido exit and the OTC sale series) point in the same direction: the Foundation is converting locked assets into spendable cash. The pace of that conversion in the first half of 2026 is noticeably faster than in prior years.

Community backlash: three questions without answers

The third deal in two weeks drew sharper criticism than the first two. One user replied to the Foundation's announcement on X: "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?!"

This is not the first time Ethereum Foundation has faced pushback over ETH sales. Last year, the organization itself announced plans to limit them. Three consecutive OTC deals show the opposite happened. The core complaints from market participants:

• Budget transparency: the community demands detailed reports with a breakdown by spending category
• ETH-denominated compensation: a proposal to pay at least part of developer salaries in ETH rather than converting to fiat
• Sell timing: offloading ETH below $2,400 is seen as damaging to the broader ecosystem's valuation

BitMine: 5 million ETH and a record staking ratio

BitMine, chaired by Tom Lee, holds the top position among public companies by ETH treasury size. As of early May 2026, the firm's portfolio contains roughly 5 million ETH. A week earlier the figure stood near 4.9 million coins following a record single-week purchase of 101,901 ETH.

83% of BitMine's portfolio is staked. That is 4.19 million coins with a current market value of around $9.5 billion. The prior week's staked share was 70%. The company is accelerating its staking deployment alongside portfolio growth.

At $2,303 per coin, the full 5 million ETH position is worth roughly $11.5 billion. Analysts had previously estimated BitMine's unrealized losses above $6 billion, given that much of its stack was acquired at higher prices. The company's approach centers on staking yield and long-term holding rather than short-term price plays.

ETH at $2,303: two sides of one market

Over six weeks, Ethereum Foundation and BitMine have established a working pattern: the Foundation sells large ETH volumes through OTC, keeping exchange markets insulated, while BitMine buys and stakes the coins. The two-player dynamic has so far kept the balance.

At the current price of $2,303, those looking to sell Ethereum for hryvnia are getting 53% less than they would have at the August 2025 peak. Whether other large buyers see that discount as an entry point remains to be seen.

Whether the Foundation continues dealing exclusively with BitMine or looks for additional buyers is unclear. At current spending rates, Ethereum Foundation's reserves require regular replenishment. BitMine, for its part, appears ready to keep buying as long as the supply is there.