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 comes at a time when many digital asset treasuries have slowed down or ceased their purchasing activities. Under the leadership of Fundstrat CIO Thomas Lee, Bitmine has been consistently accumulating ether, with a recent purchase of over 100,000 units, bringing its total holdings to 4.97 million ETH, as per its latest report. The company's total assets now stand at $12.9 billion, making it the largest public holder of ether and the second-largest public digital asset treasury. Bitmine's strategic goal is to accumulate 5% of ETH's total supply, equivalent to approximately 6 million tokens.