Ethereum Foundation Sells $10.2M in ETH to BitMine

The Ethereum Foundation has sold 5,000 ETH-worth over $10.2 million-to Tom Lee’s BitMine Immersion Technologies, according to a public announcement.

The sale, executed at an average price of $2,042.96 per coin, supports the Foundation’s protocol research, ecosystem development, and community grants.

BitMine now holds 4.53 million ETH, making it the largest Ethereum treasury firm with assets valued at approximately $9.41 billion.

This marks the second such transaction this year, following a July sale to Sharplink. Despite a 58% drop in ETH value since its August peak, BitMine continues acquiring ETH, citing resilience in recent weeks.

Chairman Tom Lee remains bullish, calling current crypto conditions the 'late/final stages of the mini-crypto winter.'

ETH rose 5% over the past week and 9% in 30 days, though prediction markets still favor a short-term drop to $1,500.