Ethereum Foundation sells $47M in ETH to BitMine amid community criticism

The Ethereum Foundation has sold approximately $47 million worth of ETH to BitMine Immersion Technologies in three over-the-counter deals within a week, including a recent sale of 10,000 ETH at about $2,292 each. These sales fund the Foundation's core operations such as research, development, and community grants. The rapid sales have sparked criticism from the community questioning the need for such large cash outs. Meanwhile, BitMine, chaired by Tom Lee, continues to grow its Ethereum holdings, nearing 5 million ETH and staking 83% of its assets.