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 its operational activities, including research into protocols, ecosystem development, and grant initiatives.
This move by Bitmine to accumulate ether on a large scale stands out, as many digital asset treasuries have slowed down or ceased their purchasing activities in recent months. Under the leadership of Thomas Lee, Fundstrat's CIO, Bitmine has been consistently expanding its ether holdings. Just last week, the firm acquired over 100,000 ether, bringing its total holdings to 4.97 million ETH, as reported on Monday. This translates to total assets of $12.9 billion, cementing Bitmine's status as the largest public holder of ether and the second-largest public digital asset treasury.
Bitmine's long-term objective is to accumulate 5% of the total ETH supply, equivalent to roughly 6 million tokens, as previously stated.