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 ETH currently trading at approximately $2,310, this transaction represents a premium of around 3% over the current market price.
The Ethereum Foundation will utilize the proceeds to support various operational activities, including research into the protocol, ecosystem development, and grant allocations. Notably, this acquisition is part of Bitmine's ongoing effort to accumulate ether, with the company having purchased over 100,000 ether last week.
This brings its total ETH holdings to 4.97 million, with overall assets totaling $12.9 billion, making it the largest public holder of ether and the second-largest public digital asset treasury. Bitmine's long-term objective is to accumulate 5% of ETH's total supply, equivalent to approximately 6 million tokens.