Bitmine Immersion Technologies has announced the purchase 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, this deal 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 initiatives.
Notably, Bitmine continues to aggressively accumulate ether, having acquired over 100,000 ether last week, which brings its total holdings to 4.97 million ether, as per its latest report. This significant investment positions Bitmine as the largest public holder of ether, with total assets amounting to $12.9 billion, making it the second-largest public digital asset treasury. The company's long-term strategy involves accumulating 5% of the total ether supply, equivalent to around 6 million tokens.
This move is part of Bitmine's broader efforts to expand its digital asset portfolio, as the Ethereum Foundation also recently staked an additional $93 million in ether to reach its target of 70,000 ETH.