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 represents a 3% premium. The Ethereum Foundation will utilize the proceeds to support its operational activities, including research into the protocol, ecosystem development, and grant allocations. This move by Bitmine to accumulate ether at scale comes at a time when many digital asset treasuries have slowed or ceased their buying activities.
Following its purchase of over 100,000 ether last week, Bitmine's holdings now stand at 4.97 million ether, with total assets valued at $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 accumulate 5% of the total ether supply, equivalent to roughly 6 million tokens.