Tom Lee’s Bitmine Immersion Technologies purchased 10,000 Ethereum (ETH) from the Ethereum Foundation (EF) via an over-the-counter (OTC) transaction. The institution confirmed that the deal settled at an average price of $2,387.
The deal moves approximately $23.9 million worth of ether from the foundation’s treasury. Jupiter is one of the most vocal institutional pools of Ethereum. It also revived familiar criticisms of the corporate selling rhythm.
The organization sells back from its secure multisig site
The 10,000 ETH was left in a secure wallet controlled by the institution through over-the-counter block trading, according to the EF announcement. Proceeds at the average stated price of $2,387 are about $23.87 million.
The sale funds core operations, including protocol research, the foundation said. Ecosystem grantsand community financing programs.
He pointed to the closet policy Published last June which formalized periodic ETH sales as part of ongoing treasury management.
BitMine collects what the organization withdraws
On the other side of the trade sits a very public believer in ETH. Tom Lee is the co-founder of Fundstrat and President of BitMine Immersion Technologies (BMNR).
He led the company towards aggressiveness ETH treasury strategy since 2025. The company has become one of the most visible buyers of corporate ether in the public markets.
The contradiction has sparked new opposition. A researcher with the pseudonym 0xfoobar argued that the institution is signaling weakness in its own assets by refusing to pay employees in ETH.
“There is an element of hands-on training that is sorely lacking here. If EF employees and contractors hate/misunderstand cryptocurrencies so much that they are unwilling to receive payment in ETH, they should not work there. Period,” user books.
The sale tests the foundation’s argument that periodic divestments are an operating routine measure. Bitmain appears as Frequent institutional buyer of ether.
It has become difficult for the community to ignore the discrepancy between Ethereum maintainers and its leading believers. The foundation has not yet responded to the latest criticism regarding experimental food.
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