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Ethereum Foundation transfers 5,000 ether to Tom Lee’s BitMine in a $10.2 million transaction.
The funds will assist the EF’s essential functions, encompassing protocol research and development as well as ecosystem grants, as a component of a treasury strategy aimed at balancing ETH and fiat-like assets.
Thomas Lee, chairman of BitMine and CIO of Fundstrat, on the main stage during Consensus Hong Kong 2026 (David Paul Morris/Consensus, modified by CoinDesk)
What to know:
- The Ethereum Foundation (EF) has successfully conducted an over-the-counter (OTC) sale of 5,000 ETH to BitMine Immersion Technologies (BMNR) for about $10.2 million.
- The proceeds will help fund the EF’s primary operations, which include protocol research and development and ecosystem grants, as part of a treasury strategy focused on balancing ETH and fiat-like assets.
- BitMine, recognized as the largest publicly traded ether treasury firm with approximately 4.53 million ETH, was the counterparty in this transaction, which comes after the EF’s recent choice to stake up to 70,000 ETH.
The Ethereum Foundation (EF) announced that it has concluded the sale of 5,000 ether (ETH) in an over-the-counter deal with a leading crypto treasury firm, Bitmine Immersion Technologies.
The sale was executed at an average price of $2,042.96 per ETH, according to the Foundation, putting the transaction’s total value at roughly $10.2 million.
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This non-profit organization, founded in 2014 to support the Ethereum blockchain and its ecosystem, stated that the funds will be utilized for its core activities, which encompass protocol research and development, ecosystem expansion, and community grants.
The organization noted that these transactions align with its reserve management policy. The framework aims to maintain a balance between holding ETH and ensuring adequate fiat or fiat-like assets to cover operational expenses. EF currently seeks to keep its annual operating costs around 15% of treasury value with a 2.5-year operational buffer, a strategy that influences the frequency of ETH sales.
This sale occurred shortly after the Ethereum Foundation initiated staking up to 70,000 ETH to bolster its operations and enhance its involvement in the Ethereum ecosystem.
Bitmine, led by Tom Lee of Fundstrat, was the counterparty in this transaction and is the largest publicly traded ether treasury firm, currently possessing approximately 4.53 million ETH, valued at over $9.4 billion.
The firm’s asset portfolio predominantly consists of ether. Additionally, the company holds around 195 BTC and over $1 billion in cash, along with equity investments. These investments include a stake in Beast Industries, the company associated with YouTube creator MrBeast, following a $200 million investment, as well as a 7% share in the worldcoin treasury firm Eightco.
Read more: ‘Mini crypto winter’ nearly over, says Tom Lee as Bitmine ramps up pace of ether acquisition
