Tom Lee’s Bitmine Immersion Technologies has bought 10,000 ether (ETH) from the Ethereum Foundation (EF) through an over-the-counter (OTC) transaction. The trade settled at an average price of $2,387, the foundation has confirmed.
Let me guess-this is just another Tuesday for the EF? They offloaded $23.9 million worth of ETH to their most enthusiastic cheerleader, Tom Lee, who’s basically the crypto version of a guy who buys the team’s jerseys after losing a bet. Meanwhile, the community’s like, “Wait, you’re selling our future to the guy who once called Bitcoin ‘the future of banking’ in a viral tweet?” Classic.
Foundation sells again from its safe multisig
The 10,000 ETH was left in a foundation-controlled safe wallet through an OTC block trade, according to the EF’s announcement. Proceeds at the stated average price of $2,387 amount to approximately $23.87 million.
0/ Today, the Ethereum Foundation finalized the terms of a 10,000 ETH sale at an average price of $2,387 via OTC.
For this sale, our OTC counterparts was @BitMNR.
– Ethereum Foundation (@ethereumfndn) April 24, 2026
The foundation said the sale funds core operations, including protocol research, ecosystem grants, and community funding programs. Sure, because nothing says “community first” like selling your lifeblood to a guy who probably still uses “password123” for his crypto wallet. They also cited a treasury policy from June 2024 that basically says, “We’ll do whatever we want, and if you don’t like it, too bad.”
BitMine Accumulates What the Foundation Divests
On the other side of the trade sits a very public ETH believer. Tom Lee is the co-founder of Fundstrat and the chair of BitMine Immersion Technologies (BMNR). He’s like the crypto version of a guy who buys a Tesla just to charge it in his garage. Aggressive ETH treasury strategy? More like aggressive ETH shopping spree.
He’s steered the firm toward an aggressive ETH treasury strategy since 2025. The firm has become one of the more visible corporate buyers of ether on public markets. Because who needs a consistent strategy when you can just wing it and blame the community?
The contrast has drawn fresh pushback. Pseudonymous researcher 0xfoobar argued the foundation is signaling weakness in its own asset by refusing to pay staff in ETH.
“There’s an element of dogfooding you’re strongly missing here. If the EF employees and contractors hate/misunderstand crypto so much that they’re unwilling to take payment in ETH, they shouldn’t be working there. Period,” the user wrote.
0xfoobar, the internet’s favorite keyboard warrior, is basically saying, “If you won’t eat your own cooking, you’re a fraud.” Meanwhile, the EF’s response? Crickets. Because nothing says “trust us” like ignoring criticism from someone who uses a pseudonym and probably lives in a bunker.
The sale tests the foundation’s argument that periodic divestments are routine operational housekeeping. Bitmine is emerging as a repeat institutional buyer of ether. The contrast between Ethereum’s stewards and its biggest believers is becoming harder for the community to ignore. The foundation has yet to respond to the latest dogfooding critique. Maybe they’re busy cashing checks from Tom Lee’s crypto confetti cannon.
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2026-04-24 21:02