The Ethereum Foundation has completed a direct sale of 5,000 ETH to BitMine Immersion Technologies, the publicly traded treasury company chaired by Fundstrat’s Tom Lee, in an over-the-counter transaction valued at $10.2 million.
The transaction comes at a time when major investors appear increasingly comfortable accumulating Ethereum within its current price range, with on-chain data showing several major wallets quietly building up. important ETH positions over the past few days.
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BitMine continues its Ethereum purchasing strategy
According to one recent announcement, the Ethereum Foundation sold 5,000 ETH worth approximately $10.2 million directly to BitMine Immersion Technologies, a publicly traded crypto treasury company chaired by Fundstrat’s Tom Lee.
The sale took place at an average price of $2,042.96 per ETH, and according to the Ethereum Foundation, proceeds are intended to support the Foundation’s activities, including protocol research and development, ecosystem grants, and community funding. The Foundation confirmed that the on-chain transaction would come from an EF Safe multisig wallet and is part of its ongoing treasury management activities.
Interestingly enough, this isn’t the first time the Ethereum Foundation has sold to an Ethereum holding company. In July 2025, the Foundation sold 10,000 ETH to SharpLink Gaming at an average price of $2,572, a deal worth $25.7 million.
Ethereum is currently down nearly 60% from its 2025 all-time high of $4,946. However, BitMine has maintained its buying program and is taking advantage of low prices in anticipation of a rally. BitMine’s purchase from the Ethereum Foundation fits into a much larger accumulation campaign that started when the company adopted an Ethereum treasury strategy in mid-2025.
Since turning away from its previous focus on Bitcoin mining, BitMine has quickly built one of the largest institutional ETH reserves in the world. Recent revelations show that company now owns more than 4.53 million ETH, which represents approximately 3.7% of Ethereum’s total circulating supply.
Ethereum whales are stepping in to accumulate at current prices
Large institutional treasuries are not the only entities accumulating Ethereum. On-chain data shows that several individual whales have also built significant positions in recent days.
Data shared by on-chain analytics tracker EyeOnChain shows a wallet identified as ‘0x8E34’, Ethereum has been steadily retreating from exchanges since March 11. The whale recently added 6,413 ETH worth approximately $13.83 million, bringing its total accumulation to 80,157.67 ETH in just four days. Interestingly, the position is that already showing an unrealized profit above $980,000.
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Another major buyer was identified by the on-chain analytics platform Lookonchain. According to the data, a wallet labeled 0x743d recently spent 3.79 million USDT to acquire 1,827 ETH. Over the past four days, this same whale reportedly spent $24.79 million to purchase 11,985 ETH, with an average entry price of approximately $2,068 per ETH.
Featured image from Yellow.com, chart from TradingView