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, the sale price is about 3% higher than the current market value. The Ethereum Foundation will utilize the proceeds to support ongoing operations, including research into the protocol, ecosystem development, and grant programs.
This move is part of Bitmine's strategy to accumulate ether on a large scale, contrasting with the slowed or halted buying activity of most digital asset treasuries in recent months. Following its purchase of over 100,000 ether last week, Bitmine's holdings now stand at 4.97 million ETH, according to its latest report, with total assets worth $12.9 billion.
This makes Bitmine the largest public holder of ether and the second-largest public digital asset treasury. The company aims to hold 5% of ETH's total supply, equivalent to about 6 million tokens.