The Ethereum Foundation sold 10,000 ether to Bitmine Immersion Technologies on Friday, according to the foundation’s announcement. The over-the-counter transaction was completed at an average price of $2,387 per ETH, totaling nearly $24 million. Bitmine, the digital asset treasury led by Chairman Tom Lee, has added to its growing ETH stockpile through the deal.
Transaction Details and Purpose
The Ethereum Foundation stated that the sale “funds the EF’s core operations & activities, including protocol R&D, ecosystem development, community grant funding and more.” This transaction follows the foundation’s earlier conversion of approximately $11 million worth of ether to stablecoins to fund research and development, grant programs, and other ecosystem activities.
Bitmine’s Growing Holdings
With this purchase, Bitmine has expanded its position as the world’s largest Ethereum treasury holder. Earlier this week, the publicly-listed company reported holding 4,976,485 ETH, equivalent to 4.12% of ether’s total supply, after buying 101,627 ether. This represents Bitmine’s second major purchase from the Ethereum Foundation; the company spent approximately $10 million to acquire 5,000 ETH from the foundation the previous month.
Foundation’s Strategic Shift
The Ethereum Foundation has faced recurring criticism over its ETH sales to fund operations. In response, the foundation unveiled plans last year to limit future ETH sales through alternative strategies, including deploying capital in decentralized finance (DeFi) protocols and staking ETH to generate income. In January 2025, the foundation seeded its DeFi Ecosystem wallet with 50,000 ETH as part of this new approach.
Market Context
Ethereum had declined approximately 1% to trade at $2,315.26 as of 11:34 a.m. ET on Friday, according to The Block’s price tracking data.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
CEX Exploiter Converts 21,000 ETH Worth $48.72M to Bitcoin Over Three Days
Gate News message, The CEX Exploiter has exchanged 21,000 ETH valued at $48.72 million for 617.43 BTC at a price of $0.0294 over the past three days. The hacker currently holds 1,000 ETH worth $2.32 million.
GateNews41m ago
Dormant Whale Wallet Buys 3,017 ETH for $7M After 1.6 Years of Inactivity
Gate News message, April 26 — A dormant whale wallet has resumed activity after 1.6 years of inactivity, purchasing 3,017 ETH for $7 million at an average price of $2,320 per coin, according to Onchain Lens monitoring data.
Over the past two days, the whale has accumulated a total of 7,300 ETH
GateNews55m ago
Ethereum Developer Proposes EIP-8182 to Enhance Network Privacy Through Protocol-Level Changes
Gate News message, April 25 — Ethereum developer Tom Lehman has released a draft proposal, EIP-8182, aimed at significantly enhancing privacy on the Ethereum network through protocol-level changes. The proposal introduces a "shared shielding pool" mechanism directly integrated into the Ethereum prot
GateNews3h ago
Aave Leads Coalition Requesting $71M Frozen ETH Release for rsETH Recovery
Constitutional AIP Filed for Frozen ETH Release
A coalition of major DeFi protocols filed a Constitutional AIP on the Arbitrum forum Saturday morning requesting the network's DAO release approximately $71 million in frozen ETH to support rsETH recovery efforts. Aave Labs is listed as the lead
CryptoFrontier5h ago
XRP Ledger Records $1.1B Net Inflows Over 30 Days, Surpassing Ethereum's $879M
Gate News message, April 25 — XRP Ledger topped all major blockchains (excluding stablecoins) in net capital inflows over the past 30 days, drawing $1.1 billion according to data from RWA.xyz. Ethereum trailed at approximately $879 million in inflows, followed by Stellar with $643 million and BNB
GateNews6h ago
If ETH Breaks $2,421, Major CEX Short Liquidations Could Reach $493M
Gate News message, April 25 — According to Coinglass data, if Ethereum breaks above $2,421, cumulative short liquidations across major centralized exchanges could reach $493 million.
Conversely, if ETH drops below $2,212, cumulative long liquidations across major CEXs could reach $482 million.
GateNews6h ago
