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 is about 3% higher than the current market price.
The Ethereum Foundation will utilize the proceeds to support its operational activities, including research into the protocol, ecosystem development, and grant programs. This move by Bitmine is part of its ongoing effort to accumulate Ether on a large scale, a strategy that sets it apart from other digital asset treasuries that have slowed or ceased their buying activities 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 Ether holdings to 4.97 million, with its overall assets totaling $12.9 billion, making it the largest public holder of Ether and the second-largest public digital asset treasury. Bitmine's long-term goal is to hold 5% of Ether's total supply, equivalent to about 6 million tokens.
This strategic investment is part of the company's broader vision for its digital asset portfolio.