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 ether currently trading at approximately $2,310, the sale price represents a slight premium. The Ethereum Foundation will utilize the proceeds to support its operational activities, including research into the protocol, ecosystem development, and grant allocations.
Notably, this acquisition is part of Bitmine's ongoing effort to accumulate ether on a large scale, a strategy that diverges from the recent trends of most digital asset treasuries. Under the leadership of Thomas Lee, Fundstrat's CIO, Bitmine has been actively expanding its ether holdings. Last week, the firm acquired over 100,000 ether, bringing its total holdings to 4.97 million ETH, as reported on Monday, with total assets amounting to $12.9 billion. This makes Bitmine the largest public holder of ether and the second-largest public digital asset treasury.
The company's long-term objective is to hold 5% of the total ether supply, equivalent to about 6 million tokens. This recent transaction contributes to Bitmine's progress toward achieving this ambitious target.