Bitmine Immersion Technologies has agreed to purchase 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 use the proceeds to support its operational activities, including research into the protocol, ecosystem development, and grant allocations.
This move by Bitmine to acquire a significant amount of ether comes at a time when many digital asset treasuries have slowed down or suspended their buying activities. Recently, the firm, led by Thomas Lee, acquired over 100,000 ether, bringing its total holdings to 4.97 million ETH, as reported on Monday, with its 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 goal is to accumulate 5% of ETH's total supply, which translates to about 6 million tokens.