
Ethereum Institutional Launches as an Independent Nonprofit
A new nonprofit backed by BitMine, SharpLink Gaming and Joseph Lubin takes on institutional outreach for Ethereum, days after the Foundation cut that work back.
Altcoins, ETH & general crypto

A new nonprofit backed by BitMine, SharpLink Gaming and Joseph Lubin takes on institutional outreach for Ethereum, days after the Foundation cut that work back.

The Ethereum Foundation confirmed its largest-ever restructuring: 54 roles gone, about 20% of staff, and a 2026 budget cut of roughly 40%. Co-Executive Director Hsiao-Wei Wang resigned, and Privacy and Scaling Explorations is being wound down.

Ether traded about 70% below its August 2025 record of $4,953.73 on Monday, roughly 20 points worse than bitcoin, as more than $1 billion of positions were liquidated.

The latest report on BitMine Ethereum accumulation highlights a significant strategic divergence: despite recording a $3.8B loss, the company doubled down on ETH staking positions.

Despite the broader market correction, major funds are actively increasing their positions in Ethereum and Solana -- a sign that institutional conviction in Layer-1s remains intact heading into Q2.

Executive summary: Bitcoin surged 7.5% overnight, hitting a local high above 72,700. Ethereum and Solana followed with double-digit moves. Here's the breakdown of what happened and why.