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, worth $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 programs. This move by Bitmine to accumulate ether at scale is notable, given that most digital asset treasuries have slowed or ceased their purchasing activities in recent months. 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. Bitmine aims to accumulate 5% of the total ether supply, equivalent to roughly 6 million tokens, as previously stated.