The Ethereum Foundation has sold 5000 ETH in an over-the-counter transaction, receiving $10.2 million for the assets. The buyer was BitMine, one of the largest corporate holders of Ethereum in the market.
This is reported by Business • Media
The Deal and Community Reaction
According to the organization’s official statement, the deal was made at an average price of $2042.96 per ETH. Following the announcement of the sale, the price of Ethereum remained stable – the cryptocurrency is currently trading slightly above $2100, with no significant declines recorded on the chart.
“The Ethereum Foundation announced that it has completed an over-the-counter deal selling 5000 ETH for $10.2 million. The buyer was BitMine, a major corporate holder of Ethereum.”
At the same time, the news sparked a wave of criticism among some community members. Some users on X (formerly Twitter) noted that selling through an over-the-counter platform contradicts the principles of decentralization that the project promotes. Community members also inquired about the reasons for choosing this format for the deal.
Current Strategy of the Foundation and Future Plans
According to information from Arkham Intelligence, after the transaction, the Ethereum Foundation continues to control 169,863 ETH. Previously, the organization stated its intention to direct a significant portion of its assets into staking and to fund grant programs and expenses through staking income rather than direct sales.
It is worth noting that this is not the first time the Ethereum Foundation has faced criticism for selling crypto assets. Co-founder Vitalik Buterin has previously responded to accusations, emphasizing that the funds raised are directed towards supporting the development of the ecosystem. The money from the latest sale will also go towards these goals, rather than funding the organization’s team directly.
BitMine, which acquired 5000 ETH, remains the largest corporate owner of Ethereum. The company continues to expand its portfolio despite significant paper losses related to the volatility of the cryptocurrency’s price.