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 ether currently trading at approximately $2,310, this purchase reflects a price slightly higher than the current market value. The Ethereum Foundation will utilize the proceeds to support ongoing operations, including research into the protocol, ecosystem development, and grant initiatives.
This acquisition is part of Bitmine's broader strategy to accumulate ether on a large scale, a move that contrasts with the slowed or halted buying activity of many other digital asset treasuries 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 purchased last week, bringing its total to 4.97 million ether, as reported on Monday.
The company's total assets now stand at $12.9 billion, positioning it as the largest public holder of ether and the second-largest public digital asset treasury. Bitmine aims to hold 5% of the total ether supply, equivalent to about 6 million tokens, as previously stated.