Bitmine Expands Ethereum Holdings with $23.87M ETH Purchase from Ethereum Foundation

Bitmine Immersion Technologies (BMNR) is strengthening its position in the crypto market after purchasing 10,000 Ethereum (ETH) from the Ethereum Foundation in an over-the-counter deal valued at $23.87 million. This strategic acquisition highlights the firm’s aggressive push to expand its digital asset treasury, positioning itself as a major player just behind bitcoin-focused Strategy (MSTR).

The transaction, finalized on Friday, comes at a time when ETH is trading around $2,310—approximately 3% lower than the purchase price. Despite this slight price difference, Bitmine continues to demonstrate confidence in Ethereum’s long-term value. The Ethereum Foundation confirmed that the funds generated from the sale will be allocated toward essential initiatives such as protocol research, ecosystem development, and grant funding.

Bitmine’s latest move reflects a broader trend of institutional accumulation, even as other digital asset treasury firms have slowed or paused their crypto purchases in recent months. Led by Fundstrat CIO Thomas Lee, the company has been steadily increasing its Ethereum holdings. In fact, Bitmine acquired more than 100,000 ETH last week alone, bringing its total holdings to approximately 4.97 million ETH, according to its latest report.

With total assets valued at $12.9 billion, Bitmine is now recognized as the largest public holder of Ethereum and the second-largest public digital asset treasury overall. The company has set an ambitious goal of accumulating 5% of Ethereum’s total supply, which would equal roughly 6 million ETH.

This continued accumulation strategy signals strong institutional belief in Ethereum’s future growth and utility. As the crypto market evolves, Bitmine’s bold approach could influence other firms to reconsider their stance on digital asset investments, particularly in Ethereum, one of the leading blockchain platforms.