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, this sale represents 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 programs.
This move by Bitmine to accumulate more ether comes at a time when many digital asset treasuries have slowed down or ceased their purchasing activities. Recently, Bitmine acquired over 100,000 ether, bringing its total holdings to 4.97 million ether, as reported on Monday, with total assets amounting to $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 goal is to accumulate 5% of the total ether supply, equivalent to approximately 6 million tokens.
This strategic acquisition is part of Bitmine's ongoing efforts to achieve this target.