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, this purchase 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 initiatives.
This move by Bitmine is part of its ongoing effort to accumulate ether on a large scale, contrasting with the slowdown in buying activity observed among most digital asset treasuries in recent months. Under the leadership of 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 totaling $12.9 billion, establishing the company as the largest public holder of ether and the second-largest public digital asset treasury. Bitmine's strategic objective is to amass 5% of the total ETH supply, equivalent to approximately 6 million tokens, as previously outlined by the company.