The Ethereum Foundation has executed another over-the-counter sale of 10,000 ETH to BitMine Immersion Technologies, the third such transaction in two months. This latest deal, valued at roughly $22.9 million based on an average price of $2,292 per coin, follows a prior sale of 10,000 ETH at $2,387 each and a March sale of 5,000 ETH at $2,043 per coin.
According to the foundation, the proceeds are earmarked for core operations, protocol research, ecosystem development, and community grants. However, the frequency of sales has sparked debate among community members, with some questioning the need for nearly $46 million in just two weeks. The sales come on the heels of the foundation unstaking 17,035 ETH worth about $40 million, a move that prompted speculation about potential market sales, though no official connection has been established.
Despite the controversy, the foundation continues to allocate substantial resources to long-term Ethereum improvements. Its Q1 2026 grant report highlights funding for zero-knowledge cryptography, core client development (including Geth and Erigon), validator security, and node discovery tools. Other supported initiatives include Poseidon hash analysis, quantum-resistant systems, formal verification for RISC-V-based zkVM infrastructure, developer education, WalletConnect clear-signing tools, L2BEAT analytics, privacy tools, identity standards, and DAO governance research. These investments underscore a focus on network infrastructure rather than short-term market activities.