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, the sale price is about 3% higher than the current market value. The Ethereum Foundation will utilize the proceeds to support its operational activities, including research into the protocol, ecosystem development, and grant initiatives. This acquisition is part of Bitmine's ongoing efforts to accumulate ether on a large scale, contrasting with the slowed or halted purchasing activities of most digital asset treasuries in recent months. Last week, Bitmine purchased over 100,000 ether, bringing its total holdings to 4.97 million ETH, as reported on Monday, with total assets amounting to $12.9 billion.
This makes Bitmine the largest public holder of ether and the second-largest public digital asset treasury. The company aims to accumulate 5% of the total ether supply, equivalent to approximately 6 million tokens, as previously stated.