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, this purchase price represents a premium of around 3%.
The Ethereum Foundation will utilize the proceeds to support its operational activities, including research into the protocol, ecosystem development, and grant programs. This acquisition is part of Bitmine's ongoing efforts to accumulate ether on a large scale, a strategy that contrasts with the recent slowdown in buying activity exhibited by most digital asset treasuries.
Following its purchase of over 100,000 ether last week, Bitmine's holdings now stand at 4.97 million ETH, with total assets of $12.9 billion, making it the largest public holder of ether and the second-largest public digital asset treasury. The company aims to hold 5% of the total ETH supply, equivalent to approximately 6 million tokens.