The Ethereum Foundation has completed its third over-the-counter sale of ETH to BitMine Immersion Technologies. Tom Lee’s firm acquired 10,000 ETH at an average price of $2,292 ($22.9 million).
0/ Today, the Ethereum Foundation finalized the terms of a 10,000 ETH sale at an average price of $2,292.15 via OTC.
For this sale, our OTC counterpart was @BitMNR.
— Ethereum Foundation (@ethereumfndn) May 1, 2026
“The transaction funds the foundation’s core operations and activities, including protocol research and development, ecosystem growth, community grant funding, and more,” stated representatives of the Ethereum Foundation.
The sale followed a nearly identical transaction of 10,000 ETH on April 24, when the average price was about $2,387.
The first transaction between the Ethereum Foundation and BitMine occurred in March, with the firm purchasing 5,000 ETH at approximately $2,043.
According to the foundation, these sales are part of “treasury management activities” in line with previously published policy.
As per SrategicEthReserve, as of May 2, BitMine holds 4.5 million ETH worth over $10 billion. The firm is the largest corporate holder of the altcoin, controlling 3.8% of the supply.
The firm also leads in the volume of assets locked in staking, utilizing over 4 million ETH.
The transaction drew criticism from the Ethereum community, with users questioning the purpose of the sale.
“Why do you need $46 million in two weeks? How much are you spending and on what? Why doesn’t any developer accept ETH directly as payment?” wrote one community member.
The foundation has previously faced discontent over its transactions. Last year, the organization pledged to limit sales.
In the first quarter of 2026, Bitmine Immersion Technologies reported a net loss of $3.82 billion. For comparison, the figure was $1.15 million a year earlier.