The Ethereum Foundation has completed a direct sale of 5,000 ETH to BitMine Immersion Technologies, a crowdfunding company chaired by Fundstrat’s Tom Lee, in an informal transaction worth $10.2 million.
The transaction comes at a time when large investors are increasingly comfortable accumulating Ethereum within the current price range, and on-chain data indicates that several large wallets are quietly being built. major ETH positions in recent days.
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BitMine continues its strategy of buying Ethereum
According to A latest announcement The Ethereum Foundation has sold 5,000 ETH worth approximately $10.2 million directly to BitMine Immersion Technologies, a publicly traded cryptocurrency fund company chaired by Fundstrat’s Tom Lee.
The sale was cleared at an average price of $2,042.96 per ETH, and according to the Ethereum Foundation, the proceeds will be used to support the Foundation’s operations, including protocol research and development, ecosystem grants, and community funding. The foundation confirmed that the on-chain transaction originates from the EF Safe multisig wallet and is part of its ongoing treasury management activities.
Interestingly, this is not the first time that the Ethereum Foundation has sold Ethereum to a corporate company. Back in July 2025, the Fund sold 10,000 ETH to SharpLink Gaming at an average price of $2,572, a deal worth $25.7 million.
Ethereum is currently down nearly 60% from its 2025 high of $4,946. However, BitMine has maintained its buying program and is taking advantage of low prices in anticipation of a rally. Buy BitMine from the Ethereum Foundation suitable for a very large collection campaign which started when the company adopted the Ethereum treasury strategy in mid-2025.
After moving away from its previous focus on Bitcoin mining, BitMine quickly built one of the largest institutional reserves of ETH in the world. The last interpretation shows The company is now more than 4.53 million ETH, which is about 3.7% of the total circulating supply of Ethereum.
Ethereum whales are stepping up to rally at current prices
Big institutional funds aren’t the only entities hoarding Ethereum. Data on the chain shows that several individual whales have also built significant positions over the past few days.
The data was shared by analytics tracker EyeOnChain indicates that the wallet identified as ‘0x8E34’ has been steadily withdrawing Ethereum from exchanges since March 11th. The whale recently added 6,413 ETH worth about $13.83 million, bringing its four-day total to 80,157.67 ETH. Interesting is the position already shows unrealized profit over $980,000.
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Another big buyer has been identified by Lookonchain analytics platform. According to the data, the wallet labeled 0x743d recently spent $3.79 million to acquire 1,827 ETH. Over the past four days, this whale has reportedly spent $24.79 million to buy 11,985 ETH, with an average entry price of around $2,068 per ETH.
Featured image from Yellow.com, chart from TradingView
