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 price. The Ethereum Foundation will utilize the proceeds to support its operational activities, including protocol research, ecosystem development, and grant allocations.
This move by Bitmine to accumulate ether at scale diverges from the trend of most digital asset treasuries, which have slowed or ceased their purchasing activities in recent months. Under the leadership of Fundstrat CIO Thomas Lee, Bitmine has been actively expanding its ether holdings, having purchased over 100,000 ether the previous week.
This brings its total ETH holdings to 4.97 million, with its overall assets totaling $12.9 billion, making it the largest public holder of ether and the second-largest public digital asset treasury. Bitmine's strategic objective is to amass 5% of ETH's total supply, equivalent to approximately 6 million tokens, as previously disclosed.