Bitmine Immersion Technologies closed a deal to purchase 10,000 ether directly from the Ethereum Foundation on April 24, paying approximately $23.87 million in an over-the-counter transaction. The sale was confirmed by the Ethereum Foundation on X and marks the latest move in a corporate accumulation strategy that has made Bitmine the largest public holder of ETH on the planet.
Deal Details and Pricing
The OTC transaction settled at an average price of roughly $2,387 per ETH, which was about 3 percent above the spot market price at the time. ETH was trading around $2,310 on Friday afternoon when the deal was publicly confirmed.
Bitmine didn’t go through exchanges for the purchase. OTC deals of this size avoid the slippage and market impact that would come from buying 10,000 ETH on the open market. For the Ethereum Foundation, the sale generates operational capital without putting downward pressure on ETH’s price through exchange-based selling.
The Ethereum Foundation said the proceeds would support its core functions, including protocol research, system development, and grants.
Bitmine’s Growing ETH Empire
Under the leadership of Fundstrat CIO Thomas Lee, Bitmine has been on a buying spree that dwarfs anything the Ethereum system has seen from a single corporate entity. The company purchased over 101,000 ETH in the week before this deal alone, which was its largest weekly acquisition of 2026.
Total holdings now stand at approximately 4.97 million ETH. At current prices, that puts Bitmine’s ether treasury at roughly $11.5 billion. The firm’s total disclosed digital asset holdings sit at $12.9 billion, making it the second-largest public digital asset treasury globally, behind only Bitcoin-focused Strategy (formerly MicroStrategy).
Bitmine has publicly stated its target is to hold 5 percent of the total ETH supply, which would translate to roughly 6 million tokens. With 4.97 million currently in hand, the company is now within striking distance of that goal.
Why the Ethereum Foundation Sold
The Ethereum Foundation has faced recurring criticism for selling ETH, with community members and commentators arguing that the organization should hold its native token rather than liquidate it for operational expenses. The Foundation has historically sold ETH through exchange-based transactions, which often triggered negative sentiment.
This OTC deal sidesteps some of that backlash by keeping the tokens off public order books. Critics, including several prominent crypto commentators on X, still pushed back, arguing that selling ETH undermines the Foundation’s credibility as an advocate for the network’s long-term value.
The Foundation has responded to these concerns by expanding its staking activities. In early April, it staked another $93 million worth of ETH, reaching its stated target of 70,000 ETH staked. That move was designed to show that the Foundation is generating yield on its holdings rather than purely drawing down its reserves.
Institutional Appetite for ETH Grows
Bitmine’s purchase comes during a period of rising institutional interest in Ethereum. ETH ETF inflows hit a nine-day streak heading into late April, with Fidelity and BlackRock leading the institutional rotation. The price has recovered roughly 10 percent from its April lows, though it remains well below its October 2025 peak above $4,000.
The growing roster of ETH buyers – from Bitmine’s massive treasury plays to traditional fund managers adding ETF exposure – suggests that institutional conviction in Ethereum’s long-term value proposition is building even as the price struggles to break out of its current range.
Whether Bitmine reaches its 6-million-ETH target in the coming months will depend on both market conditions and its ability to continue raising capital. The company has relied on a mix of equity and debt instruments to fund its purchases, and any slowdown in that pipeline could stall the accumulation.
FAQ
How much ETH does Bitmine hold?
Bitmine Immersion Technologies holds approximately 4.97 million ETH, worth roughly $11.5 billion at current prices. This makes it the largest public holder of ether globally.
Why did the Ethereum Foundation sell ETH to Bitmine?
The Foundation sold 10,000 ETH through an OTC deal to fund operations, including protocol research, system development, and grants. OTC transactions avoid putting direct selling pressure on the open market.
What is Bitmine’s ETH accumulation target?
Bitmine aims to hold 5 percent of the total ETH supply, which translates to approximately 6 million tokens. With 4.97 million currently held, the company is nearing that milestone.
