Ethereum Foundation Sells 10,000 ETH to Bitmine for Nearly $24 Million

Gate News message, April 25 — The Ethereum Foundation sold 10,000 ether to Bitmine Immersion Technologies on Friday, finalizing an over-the-counter deal at an average price of $2,387 per ETH, totaling approximately $23.87 million. The sale will fund the EF's core operations and activities, including protocol research and development, ecosystem development, and community grant funding.

With this purchase, Bitmine—the digital asset treasury led by Chairman Tom Lee—has added to its growing ETH stockpile. The company now holds 4,976,485 ETH, representing 4.12% of ether's total supply, after acquiring 101,627 ETH earlier this week. This follows Bitmine's purchase of 5,000 ETH from the Ethereum Foundation last month for approximately $10 million.

The Ethereum Foundation has previously faced criticism for recurring ETH sales to fund operations. Last year, the foundation announced plans to limit ETH sales by deploying capital in DeFi protocols and staking ETH to generate income. In January 2025, the foundation seeded its DeFi Ecosystem wallet with 50,000 ETH. Prior to Friday's sale, the EF converted approximately $11 million worth of ether to stablecoins to support research, development, and grant programs.

Ether declined approximately 1% on Friday, trading at $2,315.26 as of 11:34 a.m. ET.