Bitmine Immersion Technologies has announced the acquisition 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, this purchase 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 to expand its ether holdings comes at a time when many digital asset treasuries have paused or reduced their purchasing activities.
Recently, Bitmine acquired over 100,000 ether, bringing its total holdings to 4.97 million ETH, as reported on Monday, with its 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 the total ether supply, equivalent to about 6 million tokens.