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 deal, valued at $23.87 million, was finalized on Friday. The current market price of ether is around $2,310, which is 3% lower than the sale price.
The Ethereum Foundation will utilize the proceeds to support its operational activities, including research, ecosystem development, and grants. This move is part of Bitmine's ongoing effort to accumulate ether, with the company having purchased over 100,000 ether last week, bringing its total holdings to 4.97 million ether, as per its latest report.
Bitmine's total assets now stand at $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, equivalent to approximately 6 million tokens.