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 reflects a price slightly higher than the current market value.
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 comes at a time when many digital asset treasuries have slowed their purchasing activity.
The company, led by Thomas Lee, has been actively accumulating ether, with a recent purchase of over 100,000 units, bringing its total holdings to 4.97 million ETH, as reported on Monday. This translates to a total asset value of $12.9 billion, cementing Bitmine's status as the largest public holder of ether and the second-largest public digital asset treasury. The company's long-term goal is to acquire 5% of the total ether supply, equivalent to approximately 6 million tokens.