Tom Lee's BitMine Purchases $10.2 Million Worth of ETH Straight From the Ethereum Foundation

Ethereum Foundation Sells ETH to BitMine Immersion Technologies

The Ethereum Foundation has completed another direct sale of ETH to a publicly listed treasury company, revealing on Saturday that it transferred a portion of its holdings to Tom Lee’s BitMine Immersion Technologies.

In a post on X, the Foundation disclosed it sold 5,000 ETH to BitMine at an average price of $2,042.96 per token, totaling just over $10.2 million for the world’s second-largest cryptocurrency.

According to the Foundation, the proceeds from this sale will support essential operations, including protocol research and development, ecosystem growth, community grants, and other core initiatives. The transaction is part of the Foundation’s ongoing efforts to manage its treasury effectively.

BitMine reported last Monday that it holds 4,534,563 ETH, making it the largest Ethereum treasury holder, with assets valued at approximately $9.41 billion based on a recent ETH price of $2,076.

This marks the Foundation’s second sale to an Ethereum treasury company. The previous transaction occurred last July, when 10,000 ETH—then worth about $30 million—were sold to Sharplink. Sharplink now stands as the second-largest ETH treasury, holding around $1.75 billion in Ethereum.

Market Downturn Impacts Treasury Firms

Ethereum’s value has dropped sharply in recent months, mirroring declines across major cryptocurrencies. Since reaching its all-time high of $4,946 last August, ETH has fallen by 58%.

Consequently, BitMine and other treasury firms that accumulated ETH near its peak are facing significant unrealized losses. BitMine, for instance, is estimated to have a paper loss of roughly $7.5 billion, based on its average acquisition price through last November (as reported in SEC filings) and subsequent purchase estimates.

BitMine Remains Optimistic Despite Losses

Despite these substantial unrealized losses, BitMine and its chairman, Tom Lee, have continued to acquire ETH and maintain a positive outlook on its future.

“Ethereum prices demonstrated strength this week, even as geopolitical tensions and oil prices increased,” Lee commented last Monday in a statement alongside the company’s latest weekly purchase update. “We remain confident that crypto prices are nearing the end of the current ‘mini-crypto winter.’”

Short-Term Sentiment Remains Bearish

According to CoinGecko, Ethereum has gained 5% over the past week and 9% in the last month. However, despite this modest recovery, users on Myriad—a prediction market platform run by Decrypt’s parent company, Dastan—are still cautious. They currently estimate a 63% probability that ETH’s next significant move will be down to $1,500 rather than up to $3,000.