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, this purchase price represents a slight premium.
The Ethereum Foundation will utilize the proceeds to support ongoing operations, including research into the protocol, ecosystem development, and grant initiatives. This move by Bitmine to expand its ether holdings comes at a time when many digital asset treasuries have paused or reduced their buying activities.
Recently, Bitmine acquired over 100,000 ether, bringing its total holdings to 4.97 million, with its overall assets reaching $12.9 billion. This makes Bitmine the largest public holder of ether and the second-largest digital asset treasury. The company aims to accumulate 5% of the total ether supply, equivalent to about 6 million tokens. This strategic investment underscores Bitmine's commitment to the ether market, led by Fundstrat's CIO, Thomas Lee.