Tom Lee's BitMine Buys 15,000 ETH from Ethereum Foundation in Two 2026 OTC Deals

BitMine, chaired by Tom Lee, has purchased 15,000 ETH directly from the Ethereum Foundation so far in 2026 through two over-the-counter transactions totaling about $34.08 million. The purchases coincide with BitMine's accelerated Ethereum treasury strategy, as the company reported total ETH holdings of 5,078,386 as of April 26. The most recent transaction was completed on April 24, when the Ethereum Foundation sold 10,000 ETH to BitMine at an average price of $2,387 per token, raising about $23.87 million. The sale followed a March deal in which the Foundation sold 5,000 ETH at an average of $2,042.96, generating about $10.21 million. The two deals are the only confirmed Ethereum Foundation sales to BitMine this year. While they have drawn attention because they represent a direct transfer from one of the ecosystem's largest long-term ETH holders to one of its fastest-growing corporate buyers, the combined amount remains small relative to BitMine's overall position. The 15,000 ETH acquired from the Foundation accounts for less than 0.3% of BitMine's more than 5.07 million ETH balance. BitMine also said it bought 101,901 ETH last week, its largest weekly purchase since December. Based on its disclosed holdings, the company now controls more than 4.2% of Ethereum's circulating supply and is approaching its stated target of 5%. The Ethereum Foundation framed the April sale as part of routine treasury activity rather than a shift in its stance on Ethereum. By executing the transaction off-exchange, the Foundation raised funds without placing a large order on public markets. The organization continues to manage its treasury under the policy framework adopted in 2025, aimed at maintaining operational reserves while funding research, grants, protocol development, and broader ecosystem work. The Foundation has also expanded staking to generate treasury yield, increasing the amount of ETH committed to staking. The BitMine transactions indicate that staking has not replaced ETH sales as a funding source when cash is needed. BitMine said it has staked more than 3.7 million ETH, putting a significant portion of its holdings to work on the network. The company has positioned its Ethereum strategy around using ETH both as a treasury asset and as productive collateral within blockchain-based finance.