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 represents a slight premium. The Ethereum Foundation will utilize the proceeds to support its operational activities, including research into the protocol, ecosystem development, and grant programs. This significant purchase by Bitmine occurs at a time when many digital asset treasuries have paused or reduced their buying activities.
Under the leadership of Thomas Lee, Fundstrat's CIO, Bitmine has been aggressively accumulating ether, with over 100,000 tokens purchased the previous week. This brings the company's total ether holdings to 4.97 million, with overall assets valuing $12.9 billion, making it the largest public ether holder and the second-largest public digital asset treasury.
Bitmine's strategic objective is to acquire 5% of the total ether supply, equivalent to roughly 6 million tokens. Meanwhile, the Ethereum Foundation has also been actively managing its ether holdings, recently reaching its target of 70,000 ETH through a separate $93 million stake.