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 represents a strategic investment for Bitmine. The Ethereum Foundation will utilize the proceeds to support its operational activities, including research, ecosystem development, and grant initiatives. Notably, this transaction occurs as Bitmine continues to actively accumulate ether, unlike many other digital asset treasuries that have slowed or ceased their purchasing activities. Recently, the company acquired over 100,000 ether, bringing its total holdings to 4.97 million, with a cumulative value of $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 approximately 6 million tokens.