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. The Ethereum Foundation will utilize the proceeds to support ongoing operations, including research into the protocol, ecosystem development, and grant initiatives. Notably, the current market price of ETH is approximately $2,310, which is 3% lower than the transaction price.
This acquisition is part of Bitmine's broader strategy to accumulate ether on a large scale, with the company recently purchasing over 100,000 ether, bringing its total holdings to 4.97 million ETH, as reported on Monday. With total assets valued at $12.9 billion, Bitmine is now the largest public holder of ether and the second-largest public digital asset treasury. The company's long-term goal is to hold 5% of the total ETH supply, equivalent to around 6 million tokens.