Ethereum Foundation Sells 5,000 ETH to BitMine to Raise $10.2 Million

BitMine has made Ethereum (ETH) its primary treasury asset, using continued purchases and staking to build the world’s largest Ethereum treasury. Its long-term goal is to hold close to 5% of ETH’s circulating supply. Chief Executive Tom Lee believes the Ethereum network’s applications and yield-generating capacity remain supportive, and that short-term price volatility does not alter the company’s strategy.

In the week through July 19, 2026, BitMine deployed about $92 million during a market decline to buy an additional 127,000 ETH, raising its total holdings to 5.54 million ETH. About 4.72 million ETH had been staked to earn an annualized yield. Lee described the recent selling pressure as a “surface phenomenon” unrelated to fundamentals.

BitMine is the world’s largest corporate Ethereum treasury holder and has made accumulating and staking ETH central to its asset strategy. The company aims to hold 5% of Ethereum’s total supply and is now closing in on that threshold, making its moves consequential for market liquidity, corporate crypto allocations and the Ethereum staking ecosystem.

In the latest week, BitMine bought another 76,000 ETH, lifting its holdings to 5.62 million ETH, or about 4.66% of total supply. Its treasury value at one point approached or exceeded $10 billion. The company also raised $270 million through a preferred-stock offering during the same period and staked more than 83% of its holdings. Subsequent reports showed its position had risen further to about 5.7 million ETH, worth approximately $8.9 billion.

The Ethereum Foundation supports Ethereum protocol research and development as well as ecosystem grants, requiring it to convert some ETH into operating funds over time. After revising its treasury policy in June 2025, the foundation began using staking and DeFi yields to fund expenses and favored OTC transactions to reduce the impact on public markets. Its recent unstaking and sales have therefore become key indicators of its evolving treasury strategy.

On April 26, 2026, the foundation deposited about 21,269 wstETH into Lido, initiating an unstaking process valued at approximately $48.9 million. On May 1, it completed its third OTC sale to BitMine, selling 10,000 ETH at an average price of about $2,292 for approximately $22.9 million. The proceeds will fund protocol research and development, ecosystem development and community grants.