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. This purchase brings the company's ether holdings closer to its target of 5% of the total ETH supply.
The Ethereum Foundation will use the proceeds to support various initiatives, including protocol research and ecosystem development. Notably, the transaction occurred at a time when most digital asset treasuries have slowed their purchasing activities. Bitmine, led by Thomas Lee, has been actively accumulating ether, with its total holdings now standing at 4.97 million ETH, worth approximately $12.9 billion.