Bitmine Immersion Technologies has announced the purchase 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 ongoing operations, including research into the protocol, ecosystem development, and grant allocations. This move by Bitmine comes at a time when many digital asset treasuries have paused or reduced their purchasing activities. The company, led by Thomas Lee, has been actively accumulating ether, having acquired over 100,000 units the previous week.
This brings its total ETH holdings to 4.97 million, with overall assets amounting to $12.9 billion, making it the largest public holder of ether and the second-largest public digital asset treasury. Bitmine's long-term strategy involves accumulating 5% of the total ETH supply, equivalent to approximately 6 million tokens.