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 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 that most digital asset treasuries have slowed down 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 acquired over 100,000 ether last week. This brings its total ETH 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 objective is to accumulate 5% of ETH's total supply, equivalent to approximately 6 million tokens.