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, the 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 programs. This move by Bitmine to accumulate ether at scale contrasts with the current trend of most digital asset treasuries slowing or halting their purchasing activities.
Following its acquisition of over 100,000 ether last week, Bitmine's holdings now 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 aims to hold 5% of the total ether supply, equivalent to roughly 6 million tokens.