Ethereum Foundation Conducts ETH Sale to BitMine Amidst Growing Whale Accumulation

The Ethereum Foundation has successfully sold 5,000 ETH to BitMine Immersion Technologies, a publicly traded treasury firm led by Fundstrat’s Tom Lee. This over-the-counter transaction was valued at $10.2 million.

Key Takeaways

The Ethereum Foundation sold 5,000 ETH to BitMine for $10.2 million to fund its operations.
BitMine aims to strengthen its Ethereum holdings, taking advantage of lower prices.
Large individual and institutional investors (whales) are actively accumulating Ethereum as prices remain favorable.
On-chain data reveals notable increases in whale ETH positions in recent days.

Ethereum

This sale occurs as large investors seem more at ease with acquiring Ethereum in the current price bracket, with on-chain data revealing several substantial wallets quietly accumulating significant ETH holdings in recent days.

BitMine Strengthens Its Ethereum Acquisition Approach

Recently, the Ethereum Foundation announced the direct sale of 5,000 ETH to BitMine Immersion Technologies for approximately $10.2 million. This transaction, settled at an average price of $2,042.96 per ETH, aims to fund the Foundation’s operations related to protocol research, ecosystem grants, and community initiatives. The Ethereum Foundation highlighted that the transaction took place from an EF Safe multisig wallet and is part of its ongoing treasury management efforts.

This isn’t the first sale of ETH to a corporate Ethereum holding firm by the Ethereum Foundation. In July 2025, the organization sold 10,000 ETH to SharpLink Gaming at an average price of $2,572, totaling $25.7 million.

ETHUSD currently trading at $2,118. Chart: TradingView

Ethereum's price is currently down nearly 60% from its all-time high of $4,946 achieved in 2025. Despite this, BitMine continues its purchasing strategy, capitalizing on lower prices in anticipation of a market rebound. The acquisition from the Ethereum Foundation aligns with BitMine’s broader accumulation initiative, which began when the company shifted its focus to an Ethereum treasury strategy in mid-2025.

Since moving away from its previous Bitcoin mining operations, BitMine has established one of the world’s largest institutional reserves of ETH, currently holding over 4.53 million ETH, amounting to approximately 3.7% of Ethereum's total circulating supply.

Ethereum Whales Increase Their Holdings at Current Prices

It's not just institutional treasuries that are accumulating Ethereum; large individual investors, commonly referred to as whales, are also increasing their stakes.

On-chain analysis from EyeOnChain indicates that a wallet named ‘0x8E34’ has been actively withdrawing Ethereum from exchanges since March 11. This whale recently acquired 6,413 ETH, valued at about $13.83 million, bringing its total accumulation to 80,157.67 ETH within just four days, and this position has already realized a profit exceeding $980,000.

Another significant buyer was tracked by Lookonchain, which reported that a wallet labeled 0x743d spent 3.79 million USDT to purchase 1,827 ETH. Over the past four days, this whale has invested approximately $24.79 million to secure 11,985 ETH at an average entry price of about $2,068 per ETH.

Featured image from Yellow.com, chart from TradingView