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 programs. This move by Bitmine is part of its ongoing effort to accumulate ether on a large scale, with the company recently purchasing over 100,000 ether, bringing its total holdings to 4.97 million ETH, as reported on Monday.
Bitmine's total assets now stand at $12.9 billion, making it the largest public holder of ether and the second-largest public digital asset treasury. The company's long-term goal is to acquire 5% of the total ETH supply, equivalent to approximately 6 million tokens.