Tom Lee's company, Bitmine Immersion Technologies, recently purchased 10,000 ether (ETH) from the Ethereum Foundation (EF) through an over-the-counter (OTC) transaction. According to the foundation, the Medium settlement price was $2,387 per ETH.
This transaction transferred approximately $23.9 million worth of ETH from the foundation's reserves. The buyer is one of the largest and most active ether accumulators. This sale also brought up some familiar criticisms within the community regarding the frequency of the foundation's ETH sales.
Foundation is selling again from the safe multisig wallet.
According to EF's announcement, these 10,000 ETH were sent to a secure wallet controlled by the foundation via an over-the-counter (OTC) transaction. At an Medium price of $2,387, the foundation raised approximately $23.87 million.
The Foundation stated that the proceeds from the sale will be used to fund core activities, including protocol research, ecosystem funding programs , and community support funds.
The Foundation also mentioned its treasury policy, announced in June 2024, which stipulates that periodic ETH sales are part of long-term fund management.
Bitmine accumulates ETH as users sell.
On the opposite side of the deal is a well-known ETH supporter. Tom Lee is currently a co-founder of Fundstrat and the chairman of Bitmine Immersion Technologies (BMNR).
Since 2025, he has directed the company to pursue a strategy of accumulating ETH for its treasury . This is also one of the businesses that has publicly purchased the most ETH on the market today.
These two opposing trends have sparked new controversy. Anonymous researcher 0xfoobar commented that the foundation is sending a signal of insecurity about its own assets by not paying employees in ETH.
“The Foundation is lacking the spirit of self-reliance in its own product. If EF employees and partners don't like or understand crypto to the point of not wanting to receive their salary in ETH, then they shouldn't work there. That's enough,” this user Chia .
This sale further challenges the foundation's argument that periodic ETH sales are simply routine operational management. Bitmine continues to emerge as an institution consistently accumulating ether on the market.
The stark contrast between those in charge of Ethereum and the investors who believe most in ETH is becoming increasingly difficult for the community to ignore. The Foundation has yet to respond to criticisms regarding its own use of the product.
