Ethereum Foundation sells nearly $24M of ETH to Tom Lee's Bitmine in two tranches

The Ethereum Foundation has sold close to $24 million worth of ETH to Bitmine Immersion, the crypto investment firm associated with Fundstrat's Tom Lee. A portion of the deal — roughly $10 million for 5,000 ETH — was executed last month, with the remainder completing the full transaction.

The sale marks a notable direct institutional transfer from the Foundation, which periodically liquidates ETH holdings to fund operations and grants. For Bitmine, the purchase signals a deliberate accumulation strategy at a time when institutional appetite for ETH exposure remains a closely watched indicator for the broader market.