In a notable over-the-counter transaction, the Ethereum Foundation has sold 10,000 ether (ETH) to BitMine Immersion Technologies Inc. at $2,387 per token, generating approximately $23.9 million. The private deal, executed outside public exchanges, underscores BitMine's ongoing strategy to accumulate a significant portion of the Ethereum network's total supply.
BitMine, a publicly traded company focused on digital asset treasury management, has publicly stated its ambition to hold 5% of all ether in circulation. As of April 19, the firm reported ownership of 4,976,485 ETH, representing about 4.12% of Ethereum's 120.7 million token supply. Including the newly acquired 10,000 ETH, BitMine's position would rise to roughly 4.99 million tokens, or approximately 4.13% of the total supply.
BMNR shares closed at $22.14 on Friday, giving the company a market capitalization of roughly $10.1 billion. Ether traded near $2,334 as of Sunday, with U.S. stock markets closed at the time of publication.
The Ethereum Foundation, which supports the development of the Ethereum ecosystem, regularly sells tokens to fund its operations. Under its June 2025 treasury policy, annual operating expenses are capped at 15% of its treasury, with a 2.5-year buffer maintained. Proceeds from this sale are designated for protocol research and development, ecosystem initiatives, and community grants.
BitMine's Chairman Thomas "Tom" Lee confirmed in an April 20 statement that the company has maintained an elevated pace of ETH acquisitions for four consecutive weeks, purchasing an additional 101,627 ETH in the most recent week. As of April 20, BitMine had staked 3,334,637 ETH, a process that locks tokens to help validate Ethereum transactions and generates yield, though returns fluctuate with network and market conditions.
Compared to other public companies with significant ether holdings, BitMine remains the leader by a wide margin. Public records show SharpLink Gaming holds 868,699 ETH, while The Ether Machine has 496,712 ETH. The direct sale from the Foundation primarily widens BitMine's lead rather than altering the competitive landscape.
Strategy Inc., formerly known as MicroStrategy, looms large in the broader crypto treasury space. BitMine has positioned itself just behind Strategy in global crypto treasury rankings, following a similar public-equity blueprint but with ether at its core instead of bitcoin.
However, the strategy carries notable risks. In its quarterly filing on April 14, BitMine reported a net loss of $3.8 billion for the quarter ending February 28, largely driven by unrealized losses on its digital asset holdings. The company also warned that fair-value accounting for these assets could lead to sharper swings in reported earnings. A decline in ether's price could quickly erode BitMine's net asset value, while even price increases may not fully shield shareholders from dilution concerns and the market's assessment of a business heavily dependent on a single volatile asset.
