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 ether 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 programs.
This acquisition is part of Bitmine's ongoing effort to accumulate ether on a large scale, contrasting with the slowdown in buying activity observed among most digital asset treasuries 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 total assets amounting to $12.9 billion, making it 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.