Bitmine to buy 10,000 ether for $23.9 million from the Ethereum Foundation
Analysis
Price Impact
MedThe purchase of 10,000 eth by bitmine from the ethereum foundation is a notable transaction. while it directly adds to bitmine's holdings and signals their continued accumulation strategy, the quantity is relatively small compared to the total circulating supply of eth. however, it reinforces the narrative of institutional interest and strong demand from significant players.
Trustworthiness
HighPrice Direction
BullishThis purchase signals strong demand for eth from a major treasury firm that aims to accumulate 5% of the total supply. it indicates confidence in the future value of ethereum and its ecosystem. the fact that bitmine is actively buying while others are slowing down suggests a conviction that the price will rise.
Time Effect
LongBitmine's strategy is to accumulate a significant portion of eth's supply over time. this specific purchase is part of a larger, ongoing accumulation strategy, suggesting that the positive sentiment and potential price appreciation related to this trend will likely unfold over the medium to long term as they continue to build their position.
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Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitmine to buy 10,000 ether for $23.9 million from the Ethereum Foundation The transaction brings the firm’s holdings closer to its 5% of ETH target. By Krisztian Sandor | Edited by Nikhilesh De Apr 24, 2026, 3:47 p.m. Make preferred on Tom Lee, Fundstrat Capital co-founder and CIO, Bitmine chairman (CoinDesk) What to know : Ether treasury firm Bitmine Immersion Technologies said it is buying 10,000 ETH from the Ethereum Foundation in an over-the-counter deal worth about $23.87 million. The Ethereum Foundation said the sale proceeds will fund its operations, including protocol research, ecosystem development and grants. Led by Fundstrat CIO Thomas Lee, Bitmine held 4.97 million ETH last week and is aiming to accumulate roughly 5% of the token’s total supply. Bitmine Immersion Technologies (BMNR) said it is purchasing 10,000 ether (ETH) from the Ethereum Foundation, adding to its growing position as the largest digital asset treasury firm after the bitcoin-centric Strategy (MSTR). The terms of the over-the-counter transaction were finalized on Friday and is worth $23.87 million, the Ethereum Foundation said in an X post . ETH currently trades at around $2,310, some 3% lower than the sale price in the transfer. The proceeds will support the organization’s operations, including protocol research, ecosystem development and grants, the foundation said. The transaction comes as Bitmine continues to accumulate ether at scale while most digital asset treasuries have slowed or halted buying over the past months. The firm, helmed by Fundstrat CIO Thomas Lee, bought over 100,000 last week, bringing its holdings to 4.97 million ETH, according to its Monday report. Its total assets stood at $12.9 billion, making it the largest public holder of ether, and second-largest public digital asset treasury trailing. Bitmine is trying to accumulate 5% of ETH's supply, which would translate to roughly 6 million tokens, the company previously announced . Read more: Ethereum Foundation stakes another $93 million ether, reaching its 70,000 ETH target Ethereum News More For You Aave rallies DeFi partners to contain fallout from $292 million KelpDAO hack By Krisztian Sandor | Edited by Nikhilesh De Apr 23, 2026 Industry players are coordinating a recovery effort as the year's biggest crypto theft rattled Aave, with Lido and EtherFi being firsts to offer aid. What to know : Aave and partners are coordinating a major recovery effort across DeFi to cover a shortfall and prevent bad debt after the $292 million exploit tied to KelpDAO. Lido Finance, EtherFi and Aave founder Stani Kulechov are among those who proposed putting forward ether (ETH) to cover the hole. The initiative... Read full story Latest Crypto News Crypto is built for AI agents, not humans, says Alchemy's CEO 10 hours ago Trump defends crypto legislation at private event featuring boxer Mike Tyson, Tether CEO 10 hours ago BlackRock’s bitcoin ETF just hit a massive milestone that proves crypto is now a mainstream bet 10 hours ago How Anthropic’s Mythos model is forcing the crypto industry to rethink everything about security 12 hours ago Bitcoin falls after Trump reportedly canceled Steve Witkoff and Jared Kushner's Iran-talks trip 13 hours ago Mike Tyson, Tether CEO, Cathie Wood among speakers at Trump's 'most exclusive' crypto conference 13 hours ago Top Stories Clock is ticking for bitcoin to prevent quantum threat as it could drain 6.9 million BTC including Satoshi’s 19 hours ago Coinbase’s Jesse Pollak says AI agents are the next big wave for crypto payments 16 hours ago U.S. CFTC adds New York to string of states its suing to stop prediction market pushback Apr 24, 2026 Michael Saylor says the bitcoin winter is over. Some experts agree, with caveats. Apr 24, 2026 Bitcoin at $40,000 would be 'near-unprecedented' statistical outcome, analyst says 14 hours ago SpaceX's $75 billion IPO could drain the liquidity that's helping lift bitcoin and crypto Apr 24, 2026