Bitmine Buys 10,000 ETH from Ethereum Foundation, BMNR Stock Surges

Key Insights:

• Bitmine has bought another $23 million worth of Ethereum today.
• The acquisition was made over-the-counter via a sale by the Ethereum Foundation.
• The BMNR stock gained over 2% in the intraday session on Friday.

Tom Lee-backed Bitmine Immersion Technologies Inc. (NASDAQ: BMNR) just bought more Ethereum (ETH). Bitmine acquired 10,000 ETH in another off-market sale via the Ethereum Foundation.

Bitmine Continues Buying Ethereum

Bitmine made this purchase at an average price of 2,292.15, which equals $22.9 million for the entire stash. The Ethereum Foundation revealed that it made the transaction over the counter to Bitmine.

Moreover, it was the second deal between the two parties in the span of a few weeks. As per information posted on X, the sale proceeds will be directed to the Ethereum Foundation’s current commitments.

They will use these funds for protocol research and development, ecosystem expansion efforts, and community-driven grants funding. The foundation has, in the past, used ETH sales to fund its operating and development roadmap, especially when the market is volatile.

Earlier, in April, Bitmine bought 10,000 ETH from the foundation. That acquisition was part of an overall Ethereum acquisition spree as the company bought a total of 101,901 ETH in one week. At the time, it marked the largest buying spurt since December 2025.

Bitmine’s ETH accumulation policy has significantly boosted Ethereum’s reserves. The firm currently has approximately 5,088,386 ETH in its holdings, with the latest addition.

This puts its share at more than 4.2% of the total supply of Ethereum in circulation. Hence, the company is getting closer to its goal of holding 5% of all ETH in circulation.

Bitmine Faces Unrealized Losses, MKD ETH Price Decline

However, the firm is currently under pressure due to market conditions, despite the size of its holdings. Assuming an average acquisition price of $3,600 per ETH, Bitmine is now incurring an unrealized loss of almost $6.4 billion.

Ethereum Price Chart | Source: TradingView

The decline corresponds to the current decline in Ethereum price and the overall crypto market. At press time, Bitmine Chairman Tom Lee deemed this phenomenon a ‘mini crypto winter’ and said that a recovery is uncertain.

As of writing, the Ethereum price rose 1.71% to $2,292.43 on Friday, May 1, following news of Bitmine’s acquisition. Whilst Lee expects ETH price to surge as high as $250,000 in the future.

BMNR Stock Gains Today

The latest ETH purchase pushed the BMNR stock price up. The Bitmine stock soared by over 2.24% after the news of the deal, closing at $21.88 on Friday.

Bitmine Stock Price Chart | Source: Yahoo! Finance

In addition, the BMNR stock price has erased its recent losses with a mere 0.50% decline in the last five days. In addition, it has gained over 11% in the 1-month timeframe.

However, it is down by almost 30% since the beginning of the year, reflecting an overall drop in crypto-related stocks. The ongoing geopolitical unrest, such as the U.S.-Iran dispute, has contributed to investor apprehension about risk assets.

In addition to accumulation, Bitmine has also increased staking activity. According to data from Lookonchain, the company has recently staked an additional 162,088 ETH. That’s worth about $366 million.

The post Bitmine Buys 10,000 ETH from Ethereum Foundation, BMNR Stock Surges appeared first on The Coin Republic.