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, finalized on Friday, is valued at $23.87 million. With ETH currently trading at approximately $2,310, this sale price represents a slight premium.
The Ethereum Foundation will utilize the proceeds to support ongoing operations, including research into the protocol, ecosystem development, and grant programs. Notably, this move by Bitmine occurs at a time when many digital asset treasuries have paused or reduced their purchases.
Under the leadership of Thomas Lee, Fundstrat's CIO, Bitmine has been actively accumulating ether, with a recent purchase of over 100,000 units, bringing its total holdings to 4.97 million ETH, as reported on Monday. This positions Bitmine as the largest public holder of ether, with total assets amounting to $12.9 billion.
The company aims to hold 5% of ETH's total supply, equivalent to about 6 million tokens. This strategic acquisition is part of Bitmine's broader effort to expand its digital asset portfolio.