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 on the protocol, ecosystem development, and grant initiatives. This move by Bitmine to accumulate ether at scale is notable, 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.
Last week, the firm purchased over 100,000 ether, bringing its total holdings to 4.97 million ether, as reported on Monday. This translates to total assets of $12.9 billion, making Bitmine the largest public holder of ether and the second-largest public digital asset treasury. The company's long-term objective is to accumulate 5% of the total ether supply, equivalent to roughly 6 million tokens.