CoinDesk
Bitmine Immersion Technologies is buying 10,000 ETH from the Ethereum Foundation in an over-the-counter deal worth about $23.87 million, the Foundation said in an X post on Friday. ETH was trading near $2,310 at the time, roughly 3% below the sale price.
The Foundation said the proceeds will fund its operations, including protocol research, ecosystem development, and grants. The transaction is a direct line from one of the largest public ETH holders back to the protocol's core steward — a structurally unusual funding path that bypasses public market issuance.
Why it matters
Bitmine, led by Fundstrat CIO Thomas Lee, held 4.97 million ETH as of last week, worth roughly $12.9 billion at current prices, making it the largest public holder of ether and the second-largest public digital asset treasury overall, behind Strategy. The firm is targeting roughly 5% of ETH's total supply — about 6 million tokens — and bought more than 100,000 ETH last week alone.
The Foundation's willingness to sell directly to a treasury buyer at this size is itself a signal: it monetizes a portion of its treasury rather than running a programmatic on-chain sale, and it does so with a counterparty that has stated, public accumulation targets. For the Foundation, this is a multi-year runway extension. For Bitmine, it is a marginal increment against a much larger bid.
Market impact
The purchase is small relative to Bitmine's existing stack but the cadence matters. Most public digital asset treasuries have slowed or paused accumulation in recent months as ETH trades well below its prior cycle highs. Bitmine continuing to add — and sourcing ETH from the Foundation rather than the open market — keeps a steady institutional bid on the asset without adding visible sell-side pressure.
The Foundation's simultaneous staking activity (it recently hit a 70,000 ETH staking target with another $93M deployment) tightens effective circulating supply. Investors watching ETH's float will read the combination — direct treasury purchase plus continued staking — as a slow-drip supply compression, even if no single transaction is large enough to move spot prices on its own.
Frequently asked questions
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How much ETH is Bitmine buying from the Ethereum Foundation?
Bitmine Immersion Technologies is purchasing 10,000 ETH in an over-the-counter deal worth about $23.87 million, with terms finalized on Friday.
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How large is Bitmine's total ETH holding?
As of last week, Bitmine held 4.97 million ETH, worth roughly $12.9 billion at current prices — making it the largest public holder of ether and the second-largest public digital asset treasury overall.
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Who leads Bitmine and what is its ETH accumulation target?
Bitmine is led by Fundstrat CIO Thomas Lee. The firm is targeting roughly 5% of ETH's total supply, which translates to approximately 6 million tokens.
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What will the Ethereum Foundation do with the sale proceeds?
The Foundation said the proceeds will fund its operations, including protocol research, ecosystem development, and grants.
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Why is this transaction notable for ETH supply dynamics?
Most public digital asset treasuries have slowed or halted ETH accumulation in recent months. Bitmine continuing to buy — and the Foundation simultaneously expanding its staking past a 70,000 ETH target — points to gradual supply compression rather than open-market sales.
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