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 value. The Ethereum Foundation will utilize the proceeds to support its operational activities, including research on the protocol, ecosystem development, and grant allocations. This move is part of Bitmine's ongoing effort to accumulate ether on a large scale, unlike many other digital asset treasuries that have slowed or ceased their purchasing activities in recent months.
Led by Thomas Lee, Fundstrat's CIO, 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 overall assets valued at $12.9 billion, making it the largest public holder of ether and the second-largest public digital asset treasury. The company's long-term objective is to acquire 5% of the total ETH supply, equivalent to roughly 6 million tokens.