Tom Lee's BitMine Buys $10.2 Million in ETH Directly From Ethereum Foundation
The Ethereum Foundation sold 5,000 ETH (worth over $10.2 million at $2,042.96 per coin) to BitMine Immersion Technologies, a publicly traded Ethereum treasury firm. This sale supports the Foundation’s operations, including research, development, ecosystem growth, and community grants, as part of regular treasury management. BitMine, holding about 4.53 million ETH valued at roughly $9.41 billion, is now the largest Ethereum treasury firm. This marks the Foundation’s second direct sale to a treasury firm, following a 10,000 ETH sale to Sharplink last July. ETH’s price has dropped 58% since its August peak, resulting in significant unrealized losses for BitMine—about $7.5 billion—due to high average purchase prices. Despite these paper losses, BitMine and its chairman Tom Lee remain optimistic about Ethereum’s outlook, continuing to acquire ETH. Recently, Ethereum prices have seen a mild recovery, though market sentiment remains bearish with most predicting further declines in the short term.
