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 ETH currently trading at approximately $2,310, this purchase reflects a price slightly higher than the current market value. The Ethereum Foundation will utilize the proceeds to support ongoing operations, including research into the protocol, ecosystem development, and grant initiatives.
This move by Bitmine comes at a time when many digital asset treasuries have paused or reduced their purchasing activities. Having acquired over 100,000 ether recently, Bitmine's holdings now stand at 4.97 million ETH, with total assets amounting to $12.9 billion, making it the largest public holder of ether and the second-largest public digital asset treasury.
The company aims to accumulate 5% of ETH's total supply, equivalent to about 6 million tokens, as part of its strategic expansion.