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 is about 3% higher than the current market value. The Ethereum Foundation will utilize the proceeds to support its operational activities, including research into the protocol, ecosystem development, and grant allocations.
This move by Bitmine comes as the company continues to aggressively accumulate ether, unlike many other digital asset treasuries that have slowed or stopped their purchasing activities in recent months. Following its acquisition of over 100,000 ether last week, Bitmine's holdings now stand at 4.97 million ETH, according to its latest report, with total assets valued at $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 goal is to hold 5% of the total ETH supply, equivalent to around 6 million tokens.