Tom Lee's BitMine Buys Another $23 Million in ETH From Ethereum Foundation
Analysis
Price Impact
LowWhile bitmine is a significant holder of eth, this is a secondary market transaction and the ethereum foundation selling eth is not typically a direct driver of immediate price action. the foundation sells eth to fund its operations, which is a known and ongoing activity.
Trustworthiness
HighPrice Direction
NeutralThe sale is an over-the-counter (otc) deal, meaning it doesn't directly impact the spot market price. the ethereum foundation selling eth to fund operations is a recurring event and already priced into market expectations. bitmine's existing large holdings and unrealized losses suggest they are likely holding long-term, rather than immediate selling pressure.
Time Effect
LongThis event has a longer-term implication by signaling continued operational funding for the ethereum foundation, which supports ecosystem development and research. this steady support contributes to the long-term health and growth of the ethereum network rather than causing short-term price volatility.
Original Article:
Article Content:
In brief The Ethereum Foundation said it agreed to sell over $23 million worth of ETH to BitMine Immersion Technologies. This is the second time that BitMine has bought ETH directly from the Foundation. BitMine holds over $11.5 billion worth of ETH, making it the largest holder of the asset. The Ethereum Foundation said Friday that it finalized a deal to sell 10,000 ETH to the largest Ethereum treasury firm, BitMine Immersion Technologies, marking its second treasury sale of the cryptocurrency to the publicly traded firm. The over-the-counter sale agreement was finalized at an average price of $2,387 per ETH, putting the total value of the sale at $23.87 million. Ethereum was recently trading at $2,313, down about 1% on the day and 5% over the last week. BitMine's stock (BMNR) is up more than 1% on the day, recently trading at $22.25. BMNR shares have fallen about 3% over the last week, but have risen by more than 7% in the last month per Yahoo Finance data . 0/ Today, the Ethereum Foundation finalized the terms of a 10,000 ETH sale at an average price of $2,387 via OTC. For this sale, our OTC counterparts was @BitMNR . — Ethereum Foundation (@ethereumfndn) April 24, 2026 "This sale funds the Ethereum Foundation's core operations & activities, including protocol R&D, ecosystem development, community grant funding, and more," the Foundation wrote on X. In March, the Foundation sold 5,000 ETH to the company at an average price of about $2,043 per coin. The Ethereum Foundation has also previously sold ETH to another Ethereum treasury firm, Sharplink, with a 10,000 ETH sale last July. Ethereum's price has fallen sharply since last summer, when it hit a new peak of $4,946 and momentum around the coin—and the broader crypto market—helped fuel the emergence of a number of Ethereum treasury companies. BitMine is the largest such firm by far, with over $11.5 billion in Ethereum holdings fueled by consistent weekly buys. However, the substantial price drop means that the company is currently sitting on an unrealized loss of more than $6 billion, per data from DropsTab . (Disclosure: BitMine Chairman Tom Lee is an investor in Dastan , parent company of an editorially independent Decrypt .) On Monday, BitMine revealed its largest weekly Bitcoin buy of the year, adding $235 million worth of the second-largest cryptocurrency by market cap. The company held 4,976,485 ETH as of Monday. Daily Debrief Newsletter Start every day with the top news stories right now, plus original features, a podcast, videos and more. Your Email Get it! Get it!