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 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 move by Bitmine to accumulate ether at scale is notable, given that many digital asset treasuries have slowed or ceased their purchasing activities in recent months. The company, led by Thomas Lee, has been actively expanding its ether holdings, having acquired over 100,000 ether the previous week, which brings its total holdings to 4.97 million ETH, as reported on Monday. This translates to total assets of $12.9 billion, establishing Bitmine as the largest public holder of ether and the second-largest public digital asset treasury.
The company's long-term objective is to accumulate 5% of the total ether supply, equivalent to approximately 6 million tokens.