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 current market price of ETH is approximately $2,310, which is slightly lower than the transaction price. The Ethereum Foundation will utilize the proceeds to support its operational activities, including research, ecosystem development, and grant initiatives. Notably, Bitmine has been actively accumulating ether, with a recent purchase of over 100,000 ETH, bringing its total holdings to 4.97 million. The company's overall assets are valued at $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 acquire 5% of the total ETH supply, equivalent to approximately 6 million tokens.