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 allocations. This move by Bitmine marks a significant accumulation of ether, contrasting with the slowed or halted buying activity seen in other digital asset treasuries over recent months.
Under the leadership of Thomas Lee, Fundstrat's CIO, Bitmine has been actively expanding its ether holdings, purchasing over 100,000 ether last week. This brings its total ether holdings to 4.97 million, with overall assets valued at $12.9 billion, making it the largest public holder of ether and the second-largest public digital asset treasury.
Bitmine aims to hold 5% of ETH's total supply, equivalent to about 6 million tokens, as part of its strategic investment plan.