Bitmine Immersion Technologies has announced the purchase of 10,000 ether from the Ethereum Foundation, further solidifying its position as a leading digital asset treasury firm. The over-the-counter transaction, valued at $23.87 million, was finalized on Friday. With ETH currently trading at approximately $2,310, the sale price is about 3% higher than the current market value. The Ethereum Foundation will utilize the proceeds to support its operational activities, including research into the protocol, ecosystem development, and grant allocations.
This move by Bitmine comes at a time when the company is actively accumulating ether, unlike many other digital asset treasuries that have slowed down or halted their purchases in recent months. Under the leadership of Thomas Lee, Fundstrat's CIO, Bitmine has been aggressively expanding its ether holdings, having acquired over 100,000 ETH the previous week. As of its latest report, the firm holds 4.97 million ETH, valued at $12.9 billion, making it the largest public holder of ether and the second-largest public digital asset treasury.
Bitmine's strategic objective is to acquire 5% of the total ETH supply, equivalent to roughly 6 million tokens, as previously disclosed.