The Ethereum Foundation executed its third over-the-counter sale to BitMine within a week, offloading 10,000 ETH worth approximately $47 million. This latest transaction accelerates the Foundation's asset liquidation pace and triggers renewed scrutiny from the community over the timing and volume of these sales.
The rapid succession of OTC deals signals the Foundation's need for operational capital. Each transaction removes ETH from the organization's treasury without flowing through public exchanges, allowing the Foundation to avoid immediate price pressure on open markets. However, the concentrated selling pattern to a single buyer raises questions about strategic asset management during a volatile period for Ethereum's price action.
BitMine's repeated purchases across three separate deals within days suggest either a structured commitment or coordinated acquisition strategy. The Foundation's decision to move $47 million in value through private channels rather than staged market sales indicates confidence in BitMine's ability to absorb large blocks of ETH without disruption.
The sales occur against backdrop of ongoing debate about institutional coin stewardship. Critics argue the pace risks perception of weak hands during critical network development phases. Supporters counter that maintaining operational runway justifies the liquidation strategy.