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, 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 significant purchase is part of Bitmine's ongoing efforts to accumulate ether on a large scale, contrasting with the slowed or halted buying activities of most other digital asset treasuries in recent months. Under the leadership of Fundstrat CIO Thomas Lee, Bitmine has been aggressively expanding its ether holdings, with over 100,000 ether purchased last week, bringing its total to 4.97 million ether, as reported on Monday.
The company's total assets now stand at $12.9 billion, establishing it as the largest public holder of ether and the second-largest public digital asset treasury. Bitmine's strategic goal is to accumulate 5% of the total ether supply, equivalent to approximately 6 million tokens, as previously stated.