--- title: "Bitmine Buys $24M ETH from Ethereum Foundation" date: 2026-04-24 author: "Kathleen Kinder" featured_image: "https://coinlaw.io/wp-content/uploads/2026/04/ethereum-foundation-sells-10k-eth-to-bitmine.jpg" categories: - name: "Cryptocurrency" url: "/crypto.md" tags: - name: "News" url: "/tag/news.md" --- # Bitmine Buys $24M ETH from Ethereum Foundation Ethereum Foundation has sold 10,000 ETH worth nearly $24 million to Bitmine to support its operations and ecosystem growth. ## Key Takeaways - Ethereum Foundation sold 10,000 ETH to Bitmine in an OTC deal worth about $23.8 million to $24 million. - Bitmine continues aggressive accumulation, now holding nearly 5 million ETH. - Sale proceeds will fund protocol research, ecosystem development, and grants. - The move brings Bitmine closer to its goal of owning 5 percent of total ETH supply. ## What Happened? The Ethereum Foundation confirmed it finalized an over the counter sale of **10,000 ETH** to Bitmine Immersion Technologies at an average price of **$2,387 per token**. The deal is valued at roughly **$23.87 million**, marking another major transaction between the two entities. This is the [**second major ETH sale** by the foundation to Bitmine ](https://coinlaw.io/bitmine-buys-5000-eth-ethereum-foundation/)in recent months, as the company continues to expand its position as one of the largest holders of Ethereum. > 0/ Today, the Ethereum Foundation finalized the terms of a 10,000 ETH sale at an average price of $2,387 via OTC. > > For this sale, our OTC counterparts was [@BitMNR](https://twitter.com/BitMNR?ref_src=twsrc%5Etfw). > > — Ethereum Foundation (@ethereumfndn) [April 24, 2026](https://twitter.com/ethereumfndn/status/2047685166966161659?ref_src=twsrc%5Etfw) ## Ethereum Foundation Continues Strategic ETH Sales The Ethereum Foundation stated that the funds raised from the sale will be used for **core operations and ecosystem support**, including: - **Protocol research and development**. - **Ecosystem development initiatives**. - **Community grants and funding programs**. The foundation has been actively managing its treasury to ensure sustainable funding. Earlier, it converted around **[$11 million worth of ETH into stablecoins](https://coinlaw.io/ethereum-foundation-5000-eth-stablecoin/)** to support similar initiatives. However, **recurring ETH sales have drawn criticism** from parts of the crypto community in the past. In response, the foundation introduced measures such as: - **Deploying ETH into DeFi protocols.** - **Staking ETH to generate yield instead of selling.** - **Allocating 50,000 ETH to its DeFi ecosystem wallet in early 2025.** These steps aim to reduce reliance on direct token sales while maintaining operational funding. ## Bitmine Expands Its Ethereum Holdings Bitmine Immersion Technologies, led by Thomas Lee, has been **rapidly accumulating ETH** as part of its long term treasury strategy. The company recently reported holding approximately: - **4.97 million ETH, representing about 4.1 percent of total supply**. - **Total digital asset holdings valued at around $12.9 billion**. This latest purchase adds to its growing stack and strengthens its position as the **largest public holder of [Ethereum](https://coinlaw.io/ethereum-statistics/)**. Bitmine has also been actively buying ETH in recent weeks, including: - **A purchase of over 100,000 ETH earlier this week.** - **A previous 5,000 ETH acquisition from the Ethereum Foundation in March.** The company has set an ambitious goal of acquiring **5 percent of Ethereum’s total supply**, which would amount to roughly **6 million ETH**. ## Market Context and Price Trends At the time of the transaction, **Ethereum was trading around $2,310 to $2,313**, slightly below the sale price. The asset has seen a **decline of around 5 percent over the past week**, reflecting broader market pressure. ![Eth Price 24th April](https://coinlaw.io/wp-content/uploads/2026/04/eth-price-24th-april.jpeg)Image Credit – [CoinGecko.com](https://www.coingecko.com/en/coins/ethereum) Ethereum remains significantly below its previous peak of **$4,946**, reached during the last major bull cycle. Despite this, institutional interest in ETH appears to remain strong, as seen in Bitmine’s continued accumulation strategy. ## CoinLaw’s Takeaway In my experience, this deal highlights a **growing shift toward institutional control of crypto assets**, especially Ethereum. I found it interesting that while many treasury firms have slowed down their buying, Bitmine is doing the opposite and doubling down aggressively. The Ethereum Foundation’s approach also feels more structured now. Instead of random selling, it is clearly tying sales to **ecosystem growth and long term sustainability**. Still, frequent sales can create **market pressure**, and I believe the foundation will need to balance funding with investor sentiment carefully. Overall, this is a strong signal that **big players are quietly accumulating ETH**, even during price dips. Definition of Staking. Link to full glossary entry follows the description.**Staking**Staking is the process of locking cryptocurrency in a proof-of-stake network to help validate transactions and earn rewards, replacing energy-intensive mining. [Read more](https://coinlaw.io/glossary/staking/) Definition of DeFi. Link to full glossary entry follows the description.**DeFi**Decentralized finance leverages blockchain protocols and [smart contracts](https://coinlaw.io/glossary/smart-contract/) to enable lending, trading, and borrowing without banks or traditional intermediaries. [Read more](https://coinlaw.io/glossary/defi/)