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 ongoing operations, including research into the protocol, ecosystem development, and grant initiatives.
This move is part of Bitmine's strategy to accumulate ether on a large scale, contrasting with the slowed or halted buying activities of most digital asset treasuries in recent months. Led by Fundstrat CIO Thomas Lee, Bitmine has been actively expanding its ether holdings, having acquired over 100,000 ether the previous week.
This brings its total ETH holdings to 4.97 million, with total assets amounting to $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 ETH's total supply, equivalent to approximately 6 million tokens, as previously stated.