Bitmine Immersion Technologies has announced the purchase 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, the sale price is about 3% higher than the current market price. The Ethereum Foundation will use the proceeds to support its operational activities, including research into the protocol, ecosystem development, and grant programs.
This move by Bitmine is part of its ongoing effort to accumulate ether on a large scale, a strategy that differs from most digital asset treasuries which have slowed or stopped their purchases in recent months. Following its acquisition of over 100,000 ether last week, Bitmine's holdings now stand at 4.97 million ether, according to its latest report, with total assets of $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 the total ether supply, which would be around 6 million tokens, as previously stated.