Tom Lee's BitMine Buys Another $23 Million in ETH From Ethereum Foundation
Top Ethereum treasury firm BitMine Immersion Technologies made its second ETH buy from the Ethereum Foundation.
By Andrew HaywardApr 24, 2026Apr 24, 20262 min read
In brief
- The Ethereum Foundation said it agreed to sell over $23 million worth of ETH to BitMine Immersion Technologies.
- This is the second time that BitMine has bought ETH directly from the Foundation.
- BitMine holds over $11.5 billion worth of ETH, making it the largest holder of the asset.
The Ethereum Foundation said Friday that it finalized a deal to sell 10,000 ETH to the largest Ethereum treasury firm, BitMine Immersion Technologies, marking its second treasury sale of the cryptocurrency to the publicly traded firm.
The over-the-counter sale agreement was finalized at an average price of $2,387 per ETH, putting the total value of the sale at $23.87 million. Ethereum was recently trading at $2,313, down about 1% on the day and 5% over the last week.
BitMine's stock (BMNR) is up more than 1% on the day, recently trading at $22.25. BMNR shares have fallen about 3% over the last week, but have risen by more than 7% in the last month per Yahoo Finance data.
0/ Today, the Ethereum Foundation finalized the terms of a 10,000 ETH sale at an average price of $2,387 via OTC.
For this sale, our OTC counterparts was @BitMNR.
— Ethereum Foundation (@ethereumfndn) April 24, 2026
"This sale funds the Ethereum Foundation's core operations & activities, including protocol R&D, ecosystem development, community grant funding, and more," the Foundation wrote on X.
In March, the Foundation sold 5,000 ETH to the company at an average price of about $2,043 per coin. The Ethereum Foundation has also previously sold ETH to another Ethereum treasury firm, Sharplink, with a 10,000 ETH sale last July.
Ethereum's price has fallen sharply since last summer, when it hit a new peak of $4,946 and momentum around the coin—and the broader crypto market—helped fuel the emergence of a number of Ethereum treasury companies.
BitMine is the largest such firm by far, with over $11.5 billion in Ethereum holdings fueled by consistent weekly buys. However, the substantial price drop means that the company is currently sitting on an unrealized loss of more than $6 billion, per data from DropsTab. (Disclosure: BitMine Chairman Tom Lee is an investor in Dastan, parent company of an editorially independent Decrypt.)
On Monday, BitMine revealed its largest weekly Bitcoin buy of the year, adding $235 million worth of the second-largest cryptocurrency by market cap. The company held 4,976,485 ETH as of Monday.
