Ethereum Foundation sells 10,000 ETH to BitMine for $22.9M; $47M in a week

Published: 2026-05-02 09:53:05 |

The Ethereum Foundation sells 10,000 ETH to BitMine Immersion Technologies for about $22.9M (≈$2,292/ETH). This follows another Foundation deal from the prior week: 10,000 ETH sold at ~ $2,387 (≈$23.87M), plus an earlier 5,000 ETH sale in March. Combined, BitMine has added roughly $47M worth of ETH in about one week. Proceeds are earmarked for core operations, protocol R&D, ecosystem investments, and community grants. The back-to-back Ethereum Foundation ETH sales have also sparked debate over why large ETH value is moved quickly and whether developers should be paid more directly in ETH. A separate staking signal: the Foundation withdrew 17,035 ETH from staking last week (≈$40M), suggesting it has paused a target to keep 70,000 ETH staked. Traders will watch whether these Ethereum Foundation ETH flow changes add near-term supply or alter liquidity sentiment. For BitMine, ETH holdings have climbed to nearly 5M ETH after adding 101,901 ETH in its biggest weekly purchase of the year. About 83% (~4.19M ETH) is staked, potentially reducing circulating sell pressure. With ETH trading around ~$2,303 (down >53% from ATH), the key trader focus is follow-on treasury/staking moves and whether downside support holds amid ongoing Foundation and institutional activity.

Neutral

Short-term, the Ethereum Foundation ETH sales (10,000 ETH, then another 10,000, plus earlier 5,000 in March) can add supply overhang and pressure sentiment, and the staking withdrawal of 17,035 ETH may temporarily increase available ETH. However, the market also sees offsetting factors: BitMine’s large, continued accumulation (added ~101,901 ETH in its biggest weekly buy of the year) and the fact that ~83% of its ETH is staked reduce the likelihood of immediate spot sell pressure. Net effect: mixed signals—possible liquidity/sentiment noise from treasury and staking changes, but partial cushion from institutional accumulation and staking. Therefore the expected price impact on ETH is neutral rather than clearly bullish or bearish.