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, the sale price is about 3% higher than the current market value. The Ethereum Foundation will utilize the proceeds to support its operational activities, including research into the protocol, ecosystem development, and grant allocations.
This move by Bitmine to accumulate ether at scale is notable, given the recent slowdown in purchasing activity by most digital asset treasuries. The company, led by Thomas Lee, has been actively expanding its ether holdings, having purchased over 100,000 ether the previous week, which brings its total to 4.97 million ETH, as per its latest report. With total assets amounting to $12.9 billion, Bitmine is now the largest public holder of ether and the second-largest public digital asset treasury. The firm's long-term objective is to acquire 5% of ETH's total supply, equivalent to approximately 6 million tokens.