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.
The sale price of ether was slightly higher than its current market value of $2,310, which is approximately 3% lower. The Ethereum Foundation will utilize the proceeds to support various operational activities, including research on protocols, ecosystem development, and grant programs.
This move is part of Bitmine's ongoing effort to accumulate ether, with the company having purchased over 100,000 ether last week. Its current holdings stand at 4.97 million ether, worth $12.9 billion, making it the largest public holder of ether and the second-largest public digital asset treasury.
Bitmine's long-term objective is to acquire 5% of the total ether supply, equivalent to approximately 6 million tokens.