Ethereum Foundation Sells ETH To BitMine As Whale Accumulation Intensifies
The Ethereum Foundation has completed a direct sale of 5,000 ETH to BitMine Immersion Technologies, the publicly traded treasury firm chaired by Fundstrat’s Tom Lee, in an over-the-counter transaction valued at $10.2 million. Ethereum is currently down by almost 60% from its 2025 all-time high of $4,946. However, BitMine has maintained its buying program and is taking advantage of the low prices in anticipation of a rally. BitMine’s purchase from the Ethereum Foundation fits into a much bigger accumulation campaign that began when the company adopted an Ethereum treasury strategy in mid-2025. Since pivoting away from its previous focus on Bitcoin mining, BitMine has quickly built one of the largest institutional ETH reserves in the world. Recent disclosures show the company now holds more than 4.53 million ETH, representing about 3.7% of Ethereum’s total circulating supply. Large institutional treasuries are not the only entities accumulating Ethereum. On-chain data shows that several individual whales have also been building significant positions over the past few days. Data shared by the on-chain analytics tracker EyeOnChain shows that a wallet identified as ‘0x8E34’ has been steadily withdrawing Ethereum from exchanges since March 11. The whale recently added 6,413 ETH worth about $13.83 million, bringing its total accumulation to 80,157.67 ETH in just four days. Interestingly, the position is already showing an unrealized profit above $980,000.Ethereum Whales Step In To Accumulate At Current Prices
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Another large buyer was identified by the on-chain analytics platform Lookonchain. According to the data, a wallet labeled 0x743d recently spent 3.79 million USDT to acquire 1,827 ETH. Over the past four days, this same whale has reportedly spent $24.79 million to purchase 11,985 ETH, with an average entry price of about $2,068 per ETH.
Featured image from Yellow.com, chart from TradingView
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