The Ethereum Foundation has quietly sold 5,000 ETH — roughly $10.2 million — in an over‑the‑counter (OTC) deal to BitMine Immersion Technologies, the publicly traded crypto treasury company chaired by Fundstrat’s Tom Lee. The sale cleared at an average price of $2,042.96 per ETH and originated from an EF Safe multisig wallet, the Foundation confirmed. Proceeds will back the Foundation’s operations, including protocol research and development, ecosystem grants and community funding.
This transaction is part of the Foundation’s ongoing treasury management. It follows a July 2025 sale in which the Foundation disposed of 10,000 ETH to SharpLink Gaming at an average of $2,572 per ETH (about $25.7 million).
The deal also underscores a broader picture: large investors are increasingly comfortable accumulating Ethereum at current levels. ETH is trading nearly 60% below its 2025 all‑time high of $4,946, and firms like BitMine have leaned into that discount. Since pivoting from a Bitcoin‑mining focus and adopting an Ethereum treasury strategy in mid‑2025, BitMine has amassed one of the biggest institutional ETH reserves — disclosures show the company now holds more than 4.53 million ETH, about 3.7% of Ethereum’s circulating supply.
Institutional buying isn’t the whole story. On‑chain trackers show individual whales also stacking ETH. EyeOnChain flagged wallet 0x8E34, which has been withdrawing ETH from exchanges since March 11 and added 6,413 ETH (≈$13.83 million), bringing its four‑day total to 80,157.67 ETH; that position is already showing an unrealized gain north of $980,000. Lookonchain identified another buyer, wallet 0x743d, which spent 3.79 million USDT to pick up 1,827 ETH. Over the past four days the same wallet reportedly spent $24.79 million to accumulate 11,985 ETH at an average entry around $2,068 per ETH.
Taken together, the Foundation’s sale, BitMine’s accumulation campaign and whale activity signal continued demand from both corporate treasuries and large private holders. With a meaningful portion of supply moving into long‑term institutional coffers, market observers will be watching how reduced liquid supply interacts with macro catalysts and renewed investor interest.
Featured image: Yellow.com; chart: TradingView.
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