Bitmine Immersion Technologies has announced the acquisition of 10,000 ether from the Ethereum Foundation, bolstering 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, this purchase is about 3% higher than the current market price.
The Ethereum Foundation will use the proceeds to support its operational activities, including research into the protocol, ecosystem development, and grant programs. This move by Bitmine is part of its ongoing effort to accumulate ether on a large scale, contrasting with the slowed or halted buying activities of most other 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 ether, according to its latest report, with total assets of $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 about 6 million tokens, as previously stated.