The Ethereum Foundation has sold 5,000 ETH-valued at $10.2 million-in an over-the-counter deal with BitMine Immersion Technologies, the crypto treasury firm chaired by Fundstrat’s Tom Lee.
The sale executed at an average price of $2,042.96 per ETH. Proceeds will fund the Foundation’s protocol research, ecosystem grants, and community initiatives. The ETH was transferred from an EF Safe multisig wallet as part of routine treasury management.
This marks BitMine’s latest move in its aggressive Ethereum accumulation strategy. Since shifting from Bitcoin mining in mid-2025, the company has amassed over 4.53 million ETH-roughly 3.7% of Ethereum’s circulating supply.
Meanwhile, on-chain data reveals surging whale activity. One wallet, labeled 0x8E34, accumulated 80,157 ETH in just four days, including a recent purchase of 6,413 ETH worth $13.83 million. Another whale, 0x743d, spent $24.79 million to acquire nearly 12,000 ETH at an average price of $2,068.
Ethereum currently trades around $2,118, down nearly 60% from its 2025 all-time high of $4,946-but institutional and high-net-worth buyers appear increasingly bullish.