Ethereum Foundation sold another 10,000 ETH to BitMine. Three OTC deals, two months.
Three consecutive block sales to the same mining firm. That pattern has a name, and it isn't ad hoc treasury management.
CryptoVibe Desk · ethereum · ethereum-foundation · otc
- →The Ethereum Foundation sold 10,000 ETH to BitMine Immersion Technologies for roughly $22.9 million, its third OTC deal with the same counterparty.
- →Three consecutive sales to one buyer totaling approximately $47 million in roughly a week suggests a structured arrangement, not opportunistic selling.
- →Watch for whether the Foundation discloses a formal sales program or BitMine files a treasury disclosure showing total ETH acquired.
- OTC (over-the-counter) → A private trade negotiated directly between two parties, bypassing a public exchange and its visible order book.
- tranche → A discrete slice of a larger transaction, sold in separate installments rather than all at once.
The Ethereum Foundation closed its third over-the-counter ETH sale to BitMine Immersion Technologies, offloading 10,000 ETH for roughly $22.9 million. The Foundation confirmed the deal on its X account, citing protocol R&D, ecosystem development, and community grants as the use of proceeds.
The average price on this tranche was $2,292.15 per ETH, per the Foundation's announcement. That is below the $2,387 average on an identical 10,000 ETH block sold to BitMine the prior week. Combined, those two deals represent approximately $47 million in ETH moved to one counterparty in roughly seven days.
The first sale came in March: 5,000 ETH at around $2,043 each. Three deals, one buyer, progressively larger blocks. This is not ad hoc treasury management.
The Foundation's stated rationale is standard operational funding. The choice to route all three tranches through BitMine, an immersion-cooling mining firm, rather than through a diversified set of OTC desks, is the part that has no public explanation. The community has noticed. The Foundation has not responded to the pattern directly.
The Foundation routed $47 million through one mining firm and hasn't explained why. That silence is the story now, not the sales, and it's pulling attention from Pectra at exactly the wrong moment.
If the Foundation posts a fourth consecutive OTC sale to BitMine within the next 30 days, that confirms a formal structured program rather than a series of coincidences.
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