The Ethereum Foundation sold 10,000 ETH to BitMine in a third over-the-counter trade this week. Total sales across the three deals this week reached approximately $47 million. The foundation's rapid selling pace has sparked criticism from the crypto community.
Third OTC Sale in Seven Days
The latest transaction moved a substantial chunk of the foundation's holdings through a private channel. BitMine has now been the counterparty for all three deals completed within seven days. The foundation avoided public exchanges to prevent market disruption. This week's $47 million total far exceeds their usual quarterly OTC volume. The sales occurred without any advance warning to the community.
Criticism Grows Over Selling Speed
Community members have called out the foundation for the accelerated pace. Some argue the volume could pressure ETH's market price. Others question whether the sales indicate diminished confidence in Ethereum's roadmap. The criticism intensified after Tuesday's second sale and spiked again with Wednesday's third transaction. No explanation has come from the foundation about the sudden change in strategy.
Foundation's Silence Fuels Speculation
The organization hasn't commented on the sales or criticism. Its last public statement about ETH holdings was in Q4 2025 during the annual report. Community forums are filling with theories about the sales' purpose. The foundation's operational fund requirements haven't changed per their latest disclosures. Without transparency, the rapid divestment leaves many questioning what's driving this shift.
What Comes Next for ETH Holdings
The foundation hasn't indicated whether more sales are coming. Community channels are watching for signs of additional OTC trades. The next quarterly financial report, due June 15, may shed light on the strategy. Until then, the foundation's actions will remain under scrutiny as criticism grows.
