What did BitMine Immersion Technologies buy from the Ethereum Foundation?

BitMine Immersion Technologies purchased 10,000 ETH from the Ethereum Foundation in an over-the-counter deal worth about $23.87 million. The average price was $2,387 per ETH. This marks the second direct purchase between the two entities.

Why is the Ethereum Foundation selling ETH to BitMine?

The Ethereum Foundation said the sale helps fund core operations, including protocol research and development, ecosystem growth, and community grants. Selling ETH is part of its treasury management strategy. These deals allow it to raise capital without relying solely on market sales.

How large is BitMine’s Ethereum (ETH) position now?

BitMine holds more than $11.5 billion worth of ETH, making it the largest known Ethereum treasury firm. The company has been consistently accumulating ETH through regular purchases. Its holdings represent a significant institutional bet on Ethereum.

Is BitMine currently profitable on its ETH holdings?

No, BitMine is currently sitting on an estimated unrealised loss of more than $6 billion due to Ethereum’s price decline. ETH is trading well below its previous highs, which impacts the value of its holdings. This highlights the risk of large concentrated crypto positions.

How has Ethereum (ETH) price been performing recently?

Ethereum was recently trading around $2,313, down about 1% on the day and 5% over the past week. It remains significantly below its previous peak near $4,946. The broader crypto market has also seen reduced momentum.

How did BitMine’s stock (BMNR) react to the news?

BitMine shares rose more than 1% on the day of the announcement. However, the stock is still down around 3% over the past week, despite gaining more than 7% over the past month. This suggests mixed investor sentiment.

Why does BitMine keep buying ETH despite losses?

BitMine appears to be following a long-term accumulation strategy, betting on Ethereum’s future growth. This is similar to how some firms treat Bitcoin as a treasury asset. This is an opinion-based interpretation, not a guaranteed outcome.

What is the significance of over-the-counter (OTC) crypto deals like this?

OTC deals allow large transactions to occur without significantly impacting market prices. This is important for institutional buyers like BitMine acquiring large amounts of ETH. It also provides liquidity for sellers like the Ethereum Foundation.

Cryptocurrency

Image for illustrative purposes only. Not a real photo.

BitMine buys $23M Ethereum from Foundation

Written by Isaac FrancisPublished Apr 25, 2026, 12:00 AM

BitMine Immersion Technologies has purchased 10,000 ETH from the Ethereum Foundation in a deal valued at approximately $23.87 million.

The over-the-counter transaction was completed at an average price of $2,387 per ETH, marking the second time BitMine has acquired tokens directly from the Foundation.

“This sale funds the Ethereum Foundation's core operations & activities, including protocol R&D, ecosystem development, community grant funding, and more,”

Said the Ethereum Foundation.

The purchase adds to BitMine’s already significant holdings, which exceed $11.5 billion in ETH, making it the largest known Ethereum treasury firm.

Despite ongoing accumulation, falling ETH prices have left the company with an estimated unrealised loss of more than $6 billion based on current market levels.

BitMine shares (BMNR) rose more than 1% on the day, though the stock remains down over the past week despite gains of more than 7% over the past month.

The deal follows a previous March transaction in which the Foundation sold 5,000 ETH to BitMine, underscoring continued institutional demand for Ethereum despite recent market weakness.

At the time of reporting, Ethereum price was $2,319.71.