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. Notably, the current market price of ETH is approximately $2,310, which is 3% lower than the transaction price. The Ethereum Foundation will utilize the proceeds to support its operational activities, including research into the protocol, ecosystem development, and grant allocations.
This acquisition is part of Bitmine's ongoing efforts to accumulate ether on a large scale, a strategy that diverges from the recent trends of most digital asset treasuries. The company, led by Fundstrat's CIO Thomas Lee, has been actively expanding its ether holdings, with a recent purchase of over 100,000 ether, bringing its total to 4.97 million ETH, as reported on Monday.
This translates to total assets of $12.9 billion, making Bitmine the largest public holder of ether and the second-largest public digital asset treasury. The company's long-term objective is to hold 5% of the total ETH supply, equivalent to approximately 6 million tokens.