Bitmine Immersion Technologies has entered into an agreement to purchase 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.
Notably, the current trading price of ETH is approximately $2,310, which is 3% lower than the transaction price. The Ethereum Foundation will utilize the proceeds to support its operational activities, including research into the protocol, ecosystem development, and grant programs. This move by Bitmine to accumulate ether at scale is particularly significant, given that most digital asset treasuries have reduced or ceased their purchasing activities in recent months. Under the leadership of Thomas Lee, Fundstrat's CIO, Bitmine has been actively expanding its ether holdings, with a recent purchase of over 100,000 ether, bringing its total to 4.97 million ETH, as reported on Monday.
The company's total assets now stand at $12.9 billion, establishing it as 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 approximately 6 million tokens, as previously announced.