Bitmine Buys $23.9M Worth of Ethereum from Foundation

A major cryptocurrency company just made a massive purchase of Ethereum, the world's second-largest digital currency.

Bitmine Immersion Technologies announced it's buying 10,000 ETH tokens for $23.9 million from the Ethereum Foundation (the non-profit organization that helps develop Ethereum). This is called an "over-the-counter" deal (a private transaction between two parties, not on a public exchange).

Here's what makes this purchase significant:

• Bitmine already owns 4.97 million ETH (worth about $12.9 billion) • The company wants to eventually own 5% of all Ethereum that exists • Last week alone, they bought over 100,000 ETH tokens • They're now the largest public holder of Ethereum

The Ethereum Foundation said it will use the $23.9 million from this sale to fund its operations, including research and grants to developers who build on Ethereum.

Bitmine is led by Thomas Lee, a well-known Wall Street investor. The company follows a strategy similar to MicroStrategy, which famously buys and holds Bitcoin (another cryptocurrency). However, while MicroStrategy focuses on Bitcoin, Bitmine is betting big on Ethereum.

This purchase shows that major companies continue to invest heavily in cryptocurrencies, viewing them as valuable long-term assets despite market volatility (price swings).

This is an AI-generated summary. Read the original article at: https://www.coindesk.com/business/2026/04/24/bitmine-to-buy-10-000-ether-for-usd23-8-million-from-the-ethereum-foundation