- Ethereum Foundation loses more senior researchers as restructuring continues in May
- Bitmine buys 71672 ETH on Ether dipping below the $2200 mark
- Early Ethereum whale makes a return and buys 1951 ETH during the recent market correction
Departures from the Ethereum Foundation continued to pick up this month as two senior researchers announced their exits from the organization, while institutions buying into Ether continued amid the most recent market correction. The developments came as Ethereum faced renewed attention around leadership restructuring, protocol development, and treasury accumulation strategies tied to Ether holdings. On Monday, researchers Julian Ma and Carl Beek announced the end of their tenures at the Ethereum Foundation, adding to a growing list of senior contributors who have exited the organization in recent months.
Ethereum Foundation Departures Increase in May
Ethereum Foundation researcher Julian Ma confirmed in a post on X that he had left the organization after four years. During his time at the Foundation, Ma worked on Ethereum’s censorship-resistant properties and contributed to cross-layer bridge algorithms and strategy.
Source: Julina Ma
Ma stated that he plans to focus on product and growth initiatives following his departure. He also described the Ethereum Foundation as “an amazing place,” but said it was not aligned with his next professional steps.
Carl Beek, another longtime researcher at the organization, also confirmed his departure. Beek spent seven years at the Ethereum Foundation and contributed to the early design of the Beacon Chain, which introduced proof-of-stake functionality to Ethereum. In a separate X post, Beek said he would officially leave on May 29 and spend time with his wife and newborn child before deciding on his next role.
The latest exits increased the number of high-profile Ethereum Foundation departures to at least eight in recent months. The announcements also brought the total number of senior developers and researchers leaving the organization in May alone to five.
Earlier this month, the Ethereum Foundation disclosed additional leadership changes involving its Protocol Cluster team. Barnabé Monnot and Tim Beiko, both of whom held leadership positions within the team, confirmed plans to move on from their current roles. Alex Stokes, another lead within the Protocol Cluster division, also entered a sabbatical period.
Ethereum Foundation Leadership Changes Follow Roadmap Criticism
The recent Ethereum Foundation departures followed broader organizational changes announced by Ethereum co-founder Vitalik Buterin last year.
At the time, Buterin introduced leadership adjustments and outlined a new direction for the Foundation after parts of the Ethereum community criticized the blockchain’s progress on its long-term roadmap. The restructuring effort focused on attracting new contributors and improving the protocol’s scalability and throughput capacity.
The Beacon Chain, which Beek helped design during his tenure, played a central role in Ethereum’s transition toward proof-of-stake consensus. The transition reduced Ethereum’s reliance on proof-of-work mining and became one of the protocol’s largest technical upgrades.
The latest departures added to ongoing discussions surrounding Ethereum’s future development structure as the Foundation continues to reorganize teams responsible for protocol research and execution.
Bitmine Adds More Ether During Market Pullback
While Ethereum Foundation departures dominated development discussions, institutional accumulation activity continued across the Ether market. Bitmine Immersion Technologies chairman Tom Lee said the company purchased another 71,672 Ether during the recent decline below $2,200.
According to Lee, Bitmine viewed the pullback as a buying opportunity as Ether traded within a seven-day range between $2,081 and $2,341. Ether traded at approximately $2,128 on Tuesday, reflecting an 8.7% decline over the previous week. Lee stated that Bitmine expects to eventually reach what he described as the “alchemy of 5%” sometime in 2026. The company continues to pursue a treasury accumulation model centered on Ether holdings.
Bitmine currently holds more than 5.2 million Ether in its treasury reserve. The company’s long-term target is to control 5% of Ether’s circulating supply, which currently stands at approximately 120.7 million tokens. To reach that threshold, Bitmine would need to acquire roughly 756,538 additional Ether. The company previously purchased 26,659 Ether between May 4 and May 11 after ending a three-week period in which weekly purchases exceeded 100,000 Ether.
Bitmine has continued adding Ether despite broader market volatility and declining prices across digital assets during recent trading sessions.
Ethereum Whale Returns After Previous Sell-Off
Additional accumulation activity also emerged from long-term Ether holders during the latest market decline. Blockchain analytics platform Lookonchain reported that an Ethereum whale who had previously sold holdings last year returned to the market over the weekend.
According to Lookonchain, the wallet belonged to an early Ether holder who initially acquired the asset more than a decade ago before later liquidating holdings during a previous market cycle.
Source: Lookonchain
The whale reportedly purchased 1,951 Ether at an average price of $2,182 during the latest correction. Lookonchain stated in its X post that the investor “may keep buying” if current market conditions continue.
