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 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 its operational activities, including research into the protocol, ecosystem development, and grant initiatives. This move by Bitmine comes at a time when most digital asset treasuries have slowed down or ceased their purchasing activities.
Recently, the company, led by Fundstrat's CIO Thomas Lee, acquired over 100,000 ether, bringing its total holdings to 4.97 million ETH, as per its latest report. This translates to a total asset value of $12.9 billion, making Bitmine the largest public holder of ether and the second-largest public digital asset treasury. The company is striving to accumulate 5% of ETH's total supply, equivalent to approximately 6 million tokens, as previously stated.