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.
Notably, the current market price of ether is around $2,310, marking a 3% decrease from the sale price. The Ethereum Foundation will utilize the proceeds to support ongoing operations, including research into the protocol, ecosystem development, and grant initiatives. This significant purchase comes as Bitmine continues to aggressively accumulate ether, contrasting with the slower pace of buying observed in most digital asset treasuries over recent months.
Under the leadership of 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 overall assets amounting to $12.9 billion, cementing its position as the largest public holder of ether and the second-largest public digital asset treasury.
The company's strategic objective is to accumulate 5% of the total ether supply, equivalent to approximately 6 million tokens, as previously disclosed.