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 ether currently trading at approximately $2,310, this sale price represents a slight premium.
The Ethereum Foundation will utilize the proceeds to support its operational activities, including research into the protocol, ecosystem development, and grant initiatives. This move by Bitmine reflects its ongoing strategy to accumulate ether on a large scale, contrasting with the slowed or halted purchasing activities of most other digital asset treasuries in recent months. Following its acquisition of over 100,000 ether the previous week, Bitmine's holdings now stand at 4.97 million ETH, according to its latest report, with total assets amounting to $12.9 billion.
This makes Bitmine the largest public holder of ether and the second-largest public digital asset treasury. The company's long-term objective is to accumulate 5% of the total ether supply, equivalent to approximately 6 million tokens.