Bitmine Immersion Technologies has entered into an agreement to purchase 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 into the protocol, ecosystem development, and grant allocations.
This move by Bitmine comes at a time when the company is aggressively accumulating ether, unlike many other digital asset treasuries that have slowed or ceased their purchasing activities. Recently, Bitmine acquired over 100,000 ether, bringing its total holdings to 4.97 million ETH, as reported on Monday, with total assets amounting to $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 objective is to accumulate 5% of ETH's total supply, equivalent to approximately 6 million tokens.