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 price represents a premium of about 3%. 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 expand its ETH holdings comes at a time when many digital asset treasuries have paused or reduced their purchasing activities. Recently, Bitmine acquired over 100,000 ETH, bringing its total holdings to 4.97 million, 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 aims to accumulate 5% of ETH's total supply, equivalent to about 6 million tokens, as previously stated.