NORWALK, Connecticut, May 3, 2026, 17:04 (EDT)
- The Ethereum Foundation unloaded 10,000 ETH—Ethereum’s native token—to Bitmine Immersion Technologies in a private deal off the exchanges, pulling in roughly $22.9 million.
- Bitmine’s latest move bumps its ETH stash to a reported 5.078 million tokens—over 4% of Ethereum’s total supply.
- BMNR ended Friday at $21.88. Ether, meanwhile, was changing hands close to $2,327.
The Ethereum Foundation has wrapped up its sale of 10,000 ether to Bitmine Immersion Technologies Inc, a deal that expands the NYSE-listed firm’s already sizable Ethereum stake. Bitmine picked up the tokens at an average of $2,292.15 apiece—so, roughly $22.9 million total—in an over-the-counter transaction, keeping the trade out of public markets.
Bitmine is suddenly in the spotlight as a stand-in for Ethereum on the public markets, with investors poking at crypto-exposed stocks again after volatile moves in digital assets. According to the foundation, proceeds from the sale are set for core operations like protocol R&D, ecosystem programs, and grants to the community.
This marked the Ethereum Foundation’s third OTC sale to Bitmine this year, and the second time in two weeks that 10,000 ETH changed hands between the two, crypto media reports said, referencing a post from the foundation. The previous deal went through at an average $2,387 per ETH. Back in March, they sold 5,000 ETH to Bitmine at roughly $2,043 apiece.
Back on April 27, Bitmine disclosed $13.3 billion across crypto, cash, and what it calls “moonshot” assets. Holdings included 5,078,386 ETH, 200 bitcoin, $940 million in cash, plus stakes in Beast Industries and Eightco Holdings. According to the company, its ETH accounted for 4.21% of the token’s 120.7 million total supply. PR Newswire
Bitmine’s ETH stash topped 5 million last week, chairman Thomas “Tom” Lee said in an April 27 statement. “This is a major milestone as the Company moves towards acquiring 5% of the ETH supply,” he added.
Lee noted Bitmine snapped up 101,901 ETH last week—their quickest buying streak since mid-December. The firm has been pitching its “Alchemy of 5%” strategy to investors, aiming to lock in 5% of all ETH in circulation.
Bitmine’s ETH strategy goes beyond passive holding. The company disclosed it has staked 3,701,589 ETH—valued at $8.8 billion using the April 26 reference price—via its MAVAN, or Made in America VAlidator Network. To stake is to lock up tokens and support blockchain operations, getting rewarded in the process. According to Lee, annualized staking revenue stands at $264 million. If Bitmine decides to stake its entire ETH position, projected rewards could climb to $363 million.
BMNR held steady, but that’s only because nothing moved on the calendar—U.S. equity markets were shut Sunday. On Friday, the stock ended at $21.88, marking a 2.2% rise from its prior close and putting its market cap just shy of $10 billion. Ether hovered near $2,327.
The competitive landscape hasn’t settled yet. Strategy Inc is still the headline name for a bitcoin-centric corporate crypto treasury. Last year, Reuters noted that companies like SharpLink, Bit Digital, and BTCS began holding ether too. Bitmine, though, has outpaced those ether adopters in both speed and scale.
Bitmine swapped out auditors, according to a filing Friday—Bush & Associates CPA LLC is out, with KPMG LLP stepping in for the quarter ending May 31 and full year ending Aug. 31. The company stated it had no disputes with Bush & Associates over accounting policies, disclosures, or audit procedures.
It’s the concentration risk that stands out. Bitmine’s equity is now closely linked to ETH’s price swings, staking returns, and how easily it can tap capital markets. In a quarterly filing, the company flagged that shifts in ETH prices, staking payouts, regulatory shifts, custody challenges, cybersecurity expenses, and liquidity for digital-asset issuers could all have a material impact on future results.
Bitmine’s recent foundation sale has added more ETH to its coffers, while also handing investors a fresh reference point: BMNR is shaping up as a bet on the price of Ethereum, on staking yields, and on whether Bitmine can keep supporting this trade without shaking market confidence.
