BitMine Immersion Technologies Acquires 5,000 Ethereum from the Ethereum Foundation
In a noteworthy development, BitMine Immersion Technologies, under the helm of Tom Lee, has procured 5,000 Ethereum (ETH) directly from the Ethereum Foundation. This acquisition was executed through a private over-the-counter (OTC) transaction, marking only the second occasion the foundation has sold ETH from its treasury to a publicly listed entity.
Institutional Interest in Ethereum on the Rise
The transaction underscores the escalating interest from institutional investors in Ethereum, as corporate treasuries continue to gather the digital asset despite the broader market’s fluctuating conditions. The Ethereum Foundation has confirmed that the sale proceeds will support its core operations, which encompass protocol research and development, ecosystem expansion, community grant funding, and other pivotal activities.
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Details of the Ethereum Transaction
BitMine Immersion Technologies, chaired by Tom Lee, completed the purchase of 5,000 ETH at an average price of $2,042.96 per token. This acquisition amounted to a little over $10.2 million, facilitated through an EF Safe multisig wallet managed by the Ethereum Foundation. The transaction aligns with the foundation’s ongoing treasury management strategies.
BitMine has established itself as a leading publicly traded firm in Ethereum treasury holdings, possessing over 4.5 million ETH valued at approximately $9.3 billion. Since mid-2025, the company has steadily increased its Ethereum reserves, following an accumulation strategy akin to that of renowned Bitcoin strategies.
Significance of the Second Direct Treasury Sale
This recent transaction marks the second instance of the Ethereum Foundation conducting a private OTC sale to a corporate treasury enterprise. In the previous year, the foundation divested 10,000 ETH, valued at around $26 million at the time, to iGaming giant Sharplink.
As of now, Sharplink ranks as the second-largest corporate holder of Ethereum, amassing approximately $1.75 billion worth of ETH. The use of OTC transactions allows the foundation to offload portions of its holdings without exerting direct selling pressure on public exchanges, thereby maintaining market stability.
The announcement follows closely on the heels of the Ethereum Foundation disclosing its plans to stake approximately 70,000 ETH from its treasury using validator infrastructure developed by Bitwise Onchain Solutions.
Impact of Ethereum’s Market Correction on Treasury Holdings
Recently, Ethereum has experienced a significant market correction, declining over 57% from its August 2025 peak of $4,946. This downturn has impacted several corporate treasury entities that acquired ETH during the market’s previous highs.
Based on filings with the SEC and estimated purchase prices since November, it is estimated that BitMine’s Ethereum holdings are currently facing unrealized losses of approximately $7.5 billion. This is indicative of the broader cryptocurrency market’s ongoing challenges amidst a prolonged downturn.
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