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 Ethereum Foundation will utilize the proceeds to support its operational activities, including research into the protocol, ecosystem development, and grant allocations. Notably, the current market price of ETH is approximately $2,310, marking a 3% decrease from the transaction price. Bitmine's acquisition is part of its ongoing effort to accumulate ether, with the company having purchased over 100,000 ether the previous week. This brings its total holdings to 4.97 million ETH, with a total asset value of $12.9 billion, making it the largest public holder of ether and the second-largest public digital asset treasury.
The company's ultimate goal is to acquire 5% of the total ETH supply, equivalent to roughly 6 million tokens.