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, the sale price represents a slight premium.
The Ethereum Foundation will utilize the proceeds to support its operational activities, including research into protocol development, ecosystem growth, and grant initiatives. This move by Bitmine to expand its ether holdings comes at a time when many digital asset treasuries have paused or reduced their purchasing activities.
Following its recent acquisition of over 100,000 ether, Bitmine's total holdings now stand at 4.97 million ETH, with its overall assets valued at $12.9 billion, making it the largest public holder of ether and the second-largest public digital asset treasury. The company's long-term strategy involves accumulating 5% of the total ether supply, equivalent to around 6 million tokens.