A major move in the crypto market’s institutional investment scene has come to light as blockchain-based financial services provider BitMine purchased a total of 15,000 ETH from the Ethereum Foundation in two over-the-counter transactions slated for 2026. The total value of these purchases was disclosed as $34.08 million. After this latest development, BitMine’s total Ethereum holdings have crossed the 5 million ETH mark.
BitMine’s rapid ETH accumulation
Operating under the leadership of Tom Lee, BitMine continues to expand its footprint in crypto asset management and digital finance. According to recent data, the company executed its largest single-week purchase last week, acquiring 101,901 ETH, which lifted its total ETH reserves to 5,078,386. This means BitMine now controls over 4.2% of the total circulating supply of Ethereum, edging closer to its strategic 5% target.
The 15,000 ETH acquired from the Ethereum Foundation accounts for less than 0.3% of BitMine’s overall portfolio, underlining that the company sources the majority of its ETH from other channels.
Ethereum Foundation’s fund management and sales policy
The Ethereum Foundation has long supported ecosystem sustainability by funding research, grants, and core protocol development. Since 2025, the foundation’s reserve management policy has involved preserving its holdings while allowing for ETH sales as needed. Recently, it opted to sell a portion of its assets via private over-the-counter deals, deliberately steering clear of public exchanges.
The two direct sales to BitMine stand as the Foundation’s only significant ETH transfers recorded for 2026. The first deal took place in March, when 5,000 ETH changed hands at an average price of $2,042.96 per coin, netting around $10.21 million. The second, in April, saw 10,000 ETH sold at an average of $2,387 per coin for approximately $23.87 million.
Regarding its sales policy, the Ethereum Foundation emphasized, “Sales by the Foundation are part of our fund management strategy and do not reflect a changed outlook on Ethereum. ETH sales are seen as a means of generating operational resources when necessary.”
The Foundation has increased its staking activities by converting part of its reserves into yield-generating assets. However, the recent sales to BitMine demonstrate that asset liquidation remains an active part of its revenue model.
Institutional strategies and market impact
BitMine’s recent strategy sees it not only holding Ethereum on its balance sheet but also using it as a productive collateral asset. The company has staked over 3.7 million ETH on the network, shifting a significant portion of its holdings from passive storage to active participation within the protocol.
With these recent acquisitions, BitMine has climbed to the top echelons of institutional ETH investors. These 2026 developments reflect a broader surge in institutional crypto activity within the market.
According to CryptoAppsy data, the average price for the April purchase was $2,387 per ETH, while the March transaction averaged $2,042.96 per ETH. The combined total of $34.08 million in direct deals represents one of the largest foundation-to-corporate transfers recorded so far this year.
In summary, both the Ethereum Foundation’s fund management choices and BitMine’s aggressive accumulation tactics have put the spotlight back on the institutional side of the Ethereum ecosystem.
