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 ether currently trading at approximately $2,310, the sale price is about 3% higher than the current market price. The Ethereum Foundation will utilize the proceeds to support its operational activities, including research into the protocol, ecosystem development, and grant initiatives. This acquisition is part of Bitmine's ongoing efforts to accumulate ether on a large scale, a strategy that diverges from the recent trends of most digital asset treasuries. Led by Thomas Lee, Fundstrat's CIO, Bitmine has been actively expanding its ether holdings, having purchased over 100,000 ether the previous week.
This brings its total ether holdings to 4.97 million, with its overall assets totaling $12.9 billion, making it the largest public holder of ether and the second-largest public digital asset treasury. Bitmine's long-term objective is to accumulate 5% of the total ether supply, which would equate to approximately 6 million tokens.