Ethereum Foundation Sells ETH To BitMine As Whale Accumulation Intensifies

The Ethereum Foundation has completed a direct sale of 5,000 ETH to BitMine Immersion Technologies, the publicly traded treasury firm chaired by Fundstrat’s Tom Lee, in an over-the-counter transaction valued at $10.2 million.

The transaction comes at a time when large investors appear increasingly comfortable accumulating Ethereum during the current price range, with on-chain data showing several large wallets quietly building major ETH positions in recent days.

According to a recent announcement, the Ethereum Foundation sold 5,000 ETH worth roughly $10.2 million directly to BitMine Immersion Technologies, a publicly traded crypto treasury company chaired by Fundstrat’s Tom Lee. 

The sale cleared at an average price of $2,042.96 per ETH, and according to the Ethereum Foundation, the proceeds are earmarked to support the Foundation’s operations, including protocol research and development, ecosystem grants, and community funding. The Foundation confirmed that the on-chain transaction would originate from an EF Safe multisig wallet and is part of its ongoing treasury management activities.

Interestingly, this is not the first time the Ethereum Foundation is selling to a corporate Ethereum holding company. Back in July 2025, the Foundation sold 10,000 ETH to SharpLink Gaming at an average price of $2,572, a deal worth $25.7 million.

Ethereum is currently down by almost 60% from its 2025 all-time high of $4,946. However, BitMine has maintained its buying program and is taking advantage of the low prices in anticipation of a rally. BitMine’s purchase from the Ethereum Foundation fits into a much bigger accumulation campaign that began when the company adopted an Ethereum treasury strategy in mid-2025.

Since pivoting away from its previous focus on Bitcoin mining, BitMine has quickly built one of the largest institutional ETH reserves in the world. Recent disclosures show the company now holds more than 4.53 million ETH, representing about 3.7% of Ethereum’s total circulating supply.

Large institutional treasuries are not the only entities accumulating Ethereum. On-chain data shows that several individual whales have also been building significant positions over the past few days.

Data shared by the on-chain analytics tracker EyeOnChain shows that a wallet identified as ‘0x8E34’ has been steadily withdrawing Ethereum from exchanges since March 11. The whale recently added 6,413 ETH worth about $13.83 million, bringing its total accumulation to 80,157.67 ETH in just four days. Interestingly, the position is already showing an unrealized profit above $980,000.

Another large buyer was identified by the on-chain analytics platform Lookonchain. According to the data, a wallet labeled 0x743d recently spent 3.79 million USDT to acquire 1,827 ETH. Over the past four days, this same whale has reportedly spent $24.79 million to purchase 11,985 ETH, with an average entry price of about $2,068 per ETH.

Featured image from Yellow.com, chart from TradingView