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 various operational activities, including research on the protocol, ecosystem development, and grant allocations. This acquisition is part of Bitmine's ongoing efforts to accumulate ether on a large scale, contrasting with the slower or halted buying pace of most digital asset treasuries in recent months. Under the leadership of Thomas Lee, Fundstrat's CIO, Bitmine has been actively expanding its ether holdings.
The company recently purchased over 100,000 ether, bringing its total holdings to 4.97 million ETH, as reported on Monday, with total assets amounting to $12.9 billion. This makes Bitmine the largest public holder of ether and the second-largest public digital asset treasury. The company's long-term goal is to accumulate 5% of ETH's total supply, equivalent to approximately 6 million tokens.