Ethereum Foundation Makes Third OTC Sale to BitMine

The Ethereum Foundation's recent over-the-counter (OTC) sales to BitMine Immersion Technologies have raised eyebrows in the cryptocurrency community. In a move that is part of an ongoing pattern, the foundation has sold another 10,000 ETH to BitMine at an average price of $2,292 per coin.

The sale brings the total amount transferred by the foundation to BitMine over the past week to around $47 million, according to official reports. This includes a prior week's sale of 10,000 ETH at $2,387 per coin and a March sale of 5,000 ETH at around $2,043.

The proceeds from these sales are expected to support the foundation's core operations and activities, including protocol research and development, ecosystem development, and community grant funding. However, the move has also sparked concerns about liquidity management and long-term staking commitments.