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 represents a slight premium.
The Ethereum Foundation will utilize the proceeds to support its operational activities, including research, ecosystem development, and grant initiatives. This move is part of Bitmine's ongoing effort to accumulate ether, with the company having acquired over 100,000 ether last week.
Its current holdings stand at 4.97 million ETH, with total assets 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 hold 5% of the total ETH supply, equivalent to approximately 6 million tokens.