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 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 move by Bitmine to accumulate ether at scale contrasts with the slowdown in purchases by most digital asset treasuries 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 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 objective is to accumulate 5% of ETH's total supply, equivalent to roughly 6 million tokens.