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, the sale price is about 3% higher than the current market value. The Ethereum Foundation will use the proceeds to support its operational activities, including research into the protocol, ecosystem development, and grant programs.
This move is part of Bitmine's ongoing effort to accumulate ether, with the company having purchased over 100,000 ETH the previous week, bringing its total holdings to 4.97 million ETH, as reported on Monday. This translates to total assets of $12.9 billion, making Bitmine the largest public holder of ether and the second-largest public digital asset treasury. The company's long-term goal is to acquire 5% of the total ETH supply, which would be around 6 million tokens.
Meanwhile, the Ethereum Foundation has also been expanding its ether holdings, recently reaching its target of 70,000 ETH.