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 is about 3% higher than the current market value. The Ethereum Foundation will utilize the proceeds to fund its operational activities, including research into the protocol, ecosystem development, and grant allocations.
This significant purchase is part of Bitmine's ongoing effort to accumulate ether on a large scale, at a time when many digital asset treasuries have reduced or ceased their buying activities. Following the purchase of over 100,000 ether last week, Bitmine's holdings now stand at 4.97 million ether, with total assets of $12.9 billion, making it the largest public holder of ether and the second-largest public digital asset treasury. The company's long-term objective is to acquire 5% of the total ether supply, equivalent to approximately 6 million tokens.