Bitmine Immersion Technologies has entered into an agreement to purchase 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 Ethereum Foundation will utilize the proceeds to support its operational activities, including research into the protocol, development of the ecosystem, and the issuance of grants. Notably, the current trading price of ETH is approximately $2,310, which is 3% lower than the transfer price.
This acquisition is part of Bitmine's ongoing effort to accumulate ether, with the company having purchased over 100,000 ether the previous week. This brings its total holdings to 4.97 million ETH, with a total asset value of $12.9 billion, making it the largest public holder of ether and the second-largest public digital asset treasury. The company's long-term objective is to hold 5% of the total ETH supply, equivalent to around 6 million tokens.