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 about 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 comes as the company continues to expand its ether holdings, unlike many other digital asset treasuries that have slowed or ceased their purchasing activities in recent months. Under the leadership of Thomas Lee, Fundstrat's CIO, Bitmine has been actively accumulating ether, with a recent purchase of over 100,000 ether, bringing its total holdings to 4.97 million ETH, as per its latest report. The company's total assets now stand at $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 the total ether supply, which translates to approximately 6 million tokens, as previously stated by the company.