Ethereum Foundation Sells $24M ETH to Tom Lee's Bitmine

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.