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.
This purchase is part of Bitmine's ongoing effort to accumulate ether, with the company having acquired over 100,000 ether last week, bringing its total holdings to 4.97 million ether. The Ethereum Foundation will use the proceeds to support its operations, including research, ecosystem development, and grant programs. Bitmine, led by Fundstrat CIO Thomas Lee, aims to accumulate 5% of the total ether supply, equivalent to approximately 6 million tokens. 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.