Bitmine Immersion Technologies has announced the acquisition 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 ether currently trading at approximately $2,310, the sale price is roughly 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 to accumulate ether on a large scale contrasts with the recent slowdown in purchasing activity observed among most digital asset treasuries.
Under the leadership of Fundstrat CIO Thomas Lee, Bitmine has been actively expanding its ether holdings, having purchased over 100,000 ether the previous week. This brings its total ether holdings to 4.97 million, with its overall assets totaling $12.9 billion, making it the largest public holder of ether and the second-largest public digital asset treasury.
Bitmine aims to accumulate 5% of Ethereum's total supply, equivalent to approximately 6 million tokens, as part of its strategic objectives.