Tom Lee’s BitMine buys 5,000 ETH from Ethereum Foundation in second OTC deal 
Cryptocurrency Mar 17, 2026 Share
Tom Lee’s BitMine Immersion Technologies has purchased 5,000 Ethereum (ETH) directly from the Ethereum Foundation in a private over-the-counter (OTC) transaction, marking the second time the foundation has offered ETH from its treasury to a publicly traded enterprise.
The move highlights developing institutional involvement in Ethereum as treasury-centered companies continue accumulating the asset notwithstanding broader market volatility.
1/ This sale funds the EF’s core operations & activities, including protocol R&D, ecosystem development, community grant funding and more.
The onchain tx will be from this EF @safe multisig: 0x9fC3dc011b461664c835F2527fffb1169b3C213e
— Ethereum Foundation (@ethereumfndn) March 14, 2026
Ethereum Foundation sells 5,000 ETH to BitMine
Tom Lee–chaired BitMine Immersion Technologies acquired 5,000 ETH from the Ethereum Foundation at an average price of $2,042.96 per token. The transaction totaled slightly more than $10.2 million and was executed on-chain through an EF Safe multisig wallet controlled by the foundation.
According to the Ethereum Foundation, the sale forms part of its ongoing treasury management activities. Proceeds from the transaction will support the organization’s core operations, inclusive of protocol research and development, ecosystem growth initiatives, and network provide funding.
BitMine has emerged as the most important publicly traded Ethereum treasury firm, retaining more than 4.5 million ETH worth approximately $9.3 billion. The company has been progressively amassing Ethereum since mid-2025, following a strategy just like Strategy’s famous Bitcoin accumulation model.
Second direct treasury sale
This latest transaction represents the second private OTC sale of Ethereum by the foundation to a corporate treasury entity. In July last year, the Ethereum Foundation sold 10,000 ETH, worth around $26 million at the time, to iGaming company Sharplink.
Sharplink has since become the second-largest Ethereum treasury holder among corporations, currently holding about $1.75 billion worth of ETH. Using OTC transactions allows the foundation to sell portions of its holdings without creating direct selling pressure on public exchanges.
The announcement also comes shortly after the Ethereum Foundation revealed plans to stake roughly 70,000 ETH from its treasury using validator infrastructure built by Bitwise Onchain Solutions.
Ethereum decline and Treasury losses
Ethereum has faced a steep market correction in recent months, falling more than 57% from its August 2025 peak of $4,946. The decline has affected several corporate treasury firms that accumulated ETH during the previous market highs.
Based on SEC filings and estimated purchase prices since November, BitMine’s Ethereum holdings are believed to be carrying unrealized losses of roughly $7.5 billion as the broader crypto market continues to navigate a prolonged downturn.
About The Author
