TLDR
- BitMine Immersion Technologies (BMNR) acquired 5,000 ETH from the Ethereum Foundation through an OTC transaction valued at approximately $10.2 million, with each ETH priced at $2,042.96.
- The transaction represents the second time the EF has completed a corporate OTC ETH sale, with the first being a $25.7M transaction with SharpLink Gaming completed in July 2025.
- Tom Lee, Fundstrat co-founder and BitMine chairman, leads the company which maintains the world’s largest publicly traded Ether treasury with holdings exceeding 4.5 million ETH valued at approximately $9.3 billion.
- The Foundation will allocate transaction proceeds toward core operations such as protocol R&D, ecosystem expansion, and community grant initiatives.
- The transaction follows the EF’s established treasury framework, designed to maintain annual spending around 15% of treasury value while preserving a multi-year operating reserve.
BitMine Immersion Technologies (BMNR) has completed the acquisition of 5,000 ETH directly from the Ethereum Foundation through an over-the-counter transaction totaling approximately $10.2 million. The purchase price averaged $2,042.96 per ETH.
The Foundation disclosed the sale on Saturday through an announcement posted on X. The onchain movement will be initiated from an Ethereum Foundation Safe multisignature wallet.
Trading on NYSE American under ticker BMNR, BitMine operates under the leadership of Tom Lee, Fundstrat co-founder and longtime Ethereum advocate who has championed ETH as a strategic corporate treasury holding.
Bitmine Immersion Technologies, Inc., BMNR
BitMine’s holdings surpass 4.5 million ETH, with current market value estimated at $9.3 billion. This positions BitMine as the world’s leading publicly traded company by Ether treasury size.
The company concentrates its portfolio heavily in ETH. BitMine maintains additional holdings including approximately 195 BTC, cash reserves exceeding $1 billion, and equity stakes across multiple ventures.
These equity positions feature an investment in Beast Industries — the entity associated with YouTube personality MrBeast — following a $200 million capital deployment. BitMine also maintains a 7% ownership stake in Eightco, a treasury company focused on Worldcoin.
BitMine has pursued consistent ETH accumulation since mid-2025, implementing a strategy reminiscent of Strategy’s Bitcoin acquisition approach.
Second Corporate OTC Transaction for EF
This marks the Foundation’s second direct ETH sale to a corporate treasury purchaser. The Foundation previously sold 10,000 ETH to SharpLink Gaming in July 2025 at an average price of $2,572.37, generating approximately $25.7 million.
These transactions operate within the EF’s treasury management framework established in June 2025. The framework mandates periodic conversion of ETH holdings into fiat currency to sustain operational reserves.
The Foundation maintains annual operating expenditures at approximately 15% of total treasury value. The organization simultaneously preserves a 2.5-year operating buffer, which determines the timing and volume of ETH conversions.
Funds generated from the BMNR transaction will support protocol research and development activities, ecosystem expansion programs, and community grant distributions.
EF Staking Initiative and Updated Mandate
The transaction follows closely after the Foundation revealed intentions to stake up to 70,000 ETH utilizing open-source validator infrastructure. This initiative aims to generate yields while strengthening the Foundation’s active involvement in the Ethereum network.
The EF released a comprehensive mandate document this week defining its stewardship responsibilities within the Ethereum ecosystem. The document prioritizes decentralization, censorship resistance, open-source development principles, and user sovereignty.
The Foundation outlined focus areas including core protocol enhancements, long-term research initiatives, cybersecurity measures, and developer tooling improvements. The organization also indicated plans to progressively diminish its direct control over the network’s broader operations.
According to industry treasury monitoring services, BitMine maintains holdings exceeding 4.5 million ETH.
