Ethereum Foundation Sells $10.2M in ETH to Bitmine as New Mandate Redefines Network Stewardship

The Ethereum Foundation paired a $10.2 million ether sale with a sweeping new manifesto this week, signaling that while it still helps fund the network’s development, it no longer sees itself as Ethereum’s central authority.

The EF disclosed the sale in a thread posted on X, noting that the funds will support its core operations, including protocol research and development, ecosystem growth initiatives, and community grant funding. The organization added that the transfer originated from its Safe multisignature wallet and followed its formal treasury policy, first outlined in June 2025.

That policy aims to maintain a fiat or fiat-like buffer sufficient to cover approximately 2.5 years of operating expenses, with annual spending targeted at around 15% of treasury value. The approach reflects a pragmatic reality: nonprofit foundations overseeing major open-source projects still need predictable budgets, even when their treasuries are largely denominated in digital assets.

At its core is a message that might surprise newcomers but will sound familiar to long-time Ethereum observers: the EF does not consider itself the owner or governing authority of the network. “The Foundation is not the parent, owner, or ruler of Ethereum,” the document states. Instead, the EF now describes itself as “one of many stewards” responsible for helping the ecosystem thrive.

That idea may sound dramatic, but it captures Ethereum’s long-standing ambition: a decentralized system designed to outlive any single organization. In that sense, the EF’s manifesto and its treasury moves tell the same story—an institution slowly stepping back while ensuring the resources exist to keep the network evolving.

Together, the announcements highlight a dual strategy playing out behind the scenes. On one hand, the EF is managing its balance sheet with the discipline expected of a long-running nonprofit stewarding a global technology project. On the other, it is publicly reaffirming that Ethereum’s ultimate authority rests not with a foundation, but with the broader ecosystem that now builds, secures, and uses the network.