Bitmine buys 10,000 ETH directly from the Ethereum Foundation in a $23.9M OTC deal!

Bitmine Immersion Technologies has agreed to purchase 10,000 ETH from the Ethereum Foundation in an over-the-counter deal worth $23.87 million, with terms finalized on Friday. The transaction was priced at roughly $2,387 per token — about 3% above where ETH was trading at the time of announcement, a notable premium for a direct institutional block.

The Ethereum Foundation said proceeds will fund its core operations: protocol research, ecosystem development, and grants. For Bitmine, the buy pushes its holdings closer to 4.97 million ETH — part of a stated goal to accumulate roughly 5% of ETH's total supply, or approximately 6 million tokens.

Led by Fundstrat CIO Thomas Lee, Bitmine stands as the largest public holder of ether and the second-largest public digital asset treasury overall, with total assets of $12.9 billion. The deal is notable precisely because most digital asset…