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, this sale price represents a slight premium. The Ethereum Foundation will utilize the proceeds to support operational activities, including research into the protocol, ecosystem development, and grant allocations.
This move by Bitmine to accumulate ether on a large scale is notable, given that most digital asset treasuries have slowed or ceased their purchasing activities in recent months. Under the leadership of Thomas Lee, Fundstrat's CIO, Bitmine has been actively expanding its ether holdings, with over 100,000 ether acquired last week, bringing its total to 4.97 million ETH, as per its latest report. 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. The company's long-term objective is to accumulate 5% of ETH's total supply, equivalent to approximately 6 million tokens.