Bitmine Immersion Technologies has announced the acquisition of 10,000 ether from the Ethereum Foundation, bolstering 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 allocations. This move is part of Bitmine's strategy to accumulate ether on a large scale, with the company having purchased over 100,000 ether the previous week.
As of its latest report, Bitmine holds 4.97 million ETH, valued at $12.9 billion, making it the largest public holder of ether and the second-largest public digital asset treasury. The company aims to acquire 5% of the total ETH supply, equivalent to around 6 million tokens.