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 ETH currently trading at approximately $2,310, this purchase 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 move by Bitmine to accumulate ether at scale contrasts with the recent slowdown in buying activity among most digital asset treasuries. The company, led by Thomas Lee, has been actively expanding its ether holdings, having purchased over 100,000 ether the previous week. This brings its total ETH holdings to 4.97 million, with total assets amounting to $12.9 billion, making it the largest public holder of ether and the second-largest public digital asset treasury.
Bitmine's long-term goal is to hold 5% of the total ETH supply, equivalent to around 6 million tokens.