Ethereum Foundation sells another 10,000 ETH to Bitmine
Bitmine has drawn comparisons to MicroStrategy, but unlike the Bitcoin proxy, it takes a more active approach to its Ethereum treasury by building out a validator network.
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Add us on Google by Vivian Nguyen May. 1, 2026The Ethereum Foundation sold 10,000 ETH for approximately $23 million through an over-the-counter transaction with Bitmine Immersion Technologies, the foundation disclosed Friday.
0/ Today, the Ethereum Foundation finalized the terms of a 10,000 ETH sale at an average price of $2,292.15 via OTC.
For this sale, our OTC counterpart was @BitMNR.
— Ethereum Foundation (@ethereumfndn) May 1, 2026
The sale, executed at an average price of $2,292 per token, will fund core operations including protocol research and development, ecosystem programs, community grants and other foundation activities.
Bitmine has participated in three OTC purchases from the foundation this year, including a 10,000 ETH deal last week. Led by Thomas “Tom” Lee, the company has accumulated around 4.2% of Ethereum’s total supply, putting it roughly 84% of the way toward its 5% ownership target.
Sometimes called the “MicroStrategy of Ethereum,” Bitmine sets itself apart by building a validator network rather than simply holding ETH as a treasury asset.
The company has staked around 3.7 million ETH valued near $8.8 billion via its MAVAN platform, according to its latest update. It also owns roughly $91 million in Eightco Holdings and continues to see high trading liquidity supported by prominent institutional investors while advancing its long-term accumulation strategy.
The Ethereum Foundation has allocated 70,000 ETH to staking to strengthen its treasury position. It currently holds more than 82,500 ETH, worth around $190 million, according to data from Arkham Intel.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
