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.
Notably, the current market 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, development of the ecosystem, and the issuance of grants. This move by Bitmine to expand its ether holdings comes at a time when many digital asset treasuries have significantly reduced or completely halted their purchasing activities. Under the leadership of Thomas Lee, Fundstrat's CIO, Bitmine has been actively accumulating ether, with a recent purchase of over 100,000 units, bringing its total holdings to 4.97 million ETH, as reported on Monday.
The company's total assets now stand at $12.9 billion, cementing its position as the largest public holder of ether and the second-largest public digital asset treasury. Bitmine's long-term objective is to accumulate 5% of the total ETH supply, equivalent to roughly 6 million tokens, as previously stated.