Ethereum Foundation sells 5,000 ether to Tom Lee's BitMine in $10.2 million deal

Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Ethereum Foundation sells 5,000 ether to Tom Lee's BitMine in $10.2 million deal The funds will support the EF's core operations, including protocol R&D and ecosystem grants, as part of a treasury strategy to balance ETH and fiat-like assets. By Francisco Rodrigues | Edited by Aoyon Ashraf Mar 14, 2026, 5:56 p.m. Make us preferred on Google Thomas Lee, chairman of BitMine and CIO of Fundstrat, on the main stage during Consensus Hong Kong 2026 (David Paul Morris/Consensus, modified by CoinDesk) What to know : The Ethereum Foundation (EF) completed an over-the-counter (OTC) sale of 5,000 ETH to BitMine Immersion Technologies (BMNR) for approximately $10.2 million. The funds will support the EF's core operations, including protocol R&D and ecosystem grants, as part of a treasury strategy to balance ETH and fiat-like assets. BitMine, the largest publicly-traded ether treasury firm holding around 4.53 million ETH, was the counterparty in the deal, which follows the EF's recent decision to stake up to 70,000 ETH. The Ethereum Foundation (EF) said it finalized the sale of 5,000 ether (ETH) in an over-the-counter transaction with one of the top crypto treasury firm Bitmine Immersion Technologies. The sale cleared at an average price of $2,042.96 per ETH, the Foundation said , placing the transaction’s value at roughly $10.2 million. The non-profit organization, established in 2014 to support the Ethereum blockchain and its ecosystem, said the funds will support its core operations, including protocol research and development, ecosystem growth, and community grants. The transactions, it said, are in line with the policy that governs its reserve management. The framework aims to strike a balance between holding ETH and maintaining sufficient fiat or fiat-like assets to cover operating costs. EF currently aims to keep annual operating expenses near 15% of treasury value with a 2.5-year operating buffer, a strategy that determines how often it sells ETH. The sale comes less than a month after the Ethereum Foundation began staking up to 70,000 ETH to support its operations and deepen its role in the Ethereum ecosystem. Bitmine, helmed by Fundstrat's Tom Lee, was the counterparty in the deal and is the largest publicly traded ether treasury firm, currently holding around 4.53 million ETH, worth more than $9.4 billion. The firm’s portfolio is almost entirely ether. The company also holds around 195 BTC and more than $1 billion in cash, along with equity stakes. These stakes also include a share of Beast Industries, the company behind YouTube creator MrBeast, after a $200 million investment in it , along with a 7% stake in the worldcoin treasury firm Eightco. Read more: 'Mini crypto winter' nearly over, says Tom Lee as Bitmine ramps up pace of ether acquisition Ethereum Foundation Ethereum News Bitmine Digital Asset Treasury More For You Boris Johnson calling Bitcoin a ‘Ponzi’ draws rebuttal from Michael Saylor and others By Francisco Rodrigues | Edited by Aoyon Ashraf 39 minutes ago The cryptocurrency community pushed back, with Michael Saylor saying Bitcoin has no issuer, promoter, or guaranteed return, and is instead driven by code and market demand. What to know : Former U.K. Prime Minister Boris Johnson called Bitcoin a "giant Ponzi scheme" in a column, questioning the legitimacy of a system created by a pseudonymous entity. The cryptocurrency community pushed back against Johnson's claims, with Michael Saylor saying Bitcoin has no issuer, promoter, or guaranteed return, and is instead a decentralized monetary network driven by code and market demand. Others on social media defended Bitcoin, pointing out that it has a fixed supply, public and open-source code, and no central authority; therefore, it doesn't meet the definition of a Ponzi. 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