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 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. 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.
The Ethereum Foundation has completed a direct sale of 5,000 ETH to BitMine Immersion Technologies, a publicly traded treasury firm chaired by Fundstrat’s Tom Lee, in an over-the-counter transaction valued at $10.2 million. The sale cleared at an average price of $2,042.96 per ETH. Proceeds are earmarked to support the Foundation’s operations, including protocol research and development, ecosystem grants, and community funding. The on-chain transaction originated from an EF Safe multisig wallet and is part of ongoing treasury management activities.
This marks another such sale to a corporate Ethereum holder; in July 2025, the Foundation sold 10,000 ETH to SharpLink Gaming for about $25.7 million. BitMine has maintained its buying program, leveraging the current price weakness in anticipation of a rally. BitMine has accumulated a sizable ETH reserve since pivoting from Bitcoin mining, now holding more than 4.53 million ETH, roughly 3.7% of Ethereum’s circulating supply. The company’s ongoing accumulation signals a broader move by corporates to stockpile ETH at depressed prices.
Beyond corporate buyers, on-chain data shows several individual whales have stepped in to accumulate ETH at current levels. For example, wallets identified as 0x8E34 have added 6,413 ETH worth about $13.83 million, bringing total accumulation to 80,157.67 ETH in four days. Another notable buyer, wallet 0x743d, spent about $24.79 million to acquire 11,985 ETH over four days, at an average entry price near $2,068 per ETH. The entries illustrate continued demand from large holders despite the token’s price weakness.
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