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, this purchase price represents a minor premium. The Ethereum Foundation will utilize the proceeds to support ongoing operations, including research into the protocol, ecosystem development, and grant allocations. Notably, this move by Bitmine occurs at a time when many digital asset treasuries have paused or significantly reduced their purchasing activities. Under the leadership of Thomas Lee, Fundstrat's CIO, Bitmine has been aggressively accumulating ether, with a recent purchase of over 100,000 units.
As of its latest report, the firm holds 4.97 million ether, valued at $12.9 billion, making it the largest public holder of ether and the second-largest public digital asset treasury. Bitmine's long-term strategy involves acquiring 5% of the total ether supply, equivalent to about 6 million tokens. This recent transaction marks a significant step towards achieving that objective.