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, this purchase price represents a slight premium. The Ethereum Foundation will utilize the proceeds to support its operational activities, including research into the protocol, ecosystem development, and grant initiatives. This investment is part of Bitmine's ongoing effort to accumulate ether, with the company having purchased over 100,000 ether the previous week.
This brings its total holdings to 4.97 million ether, with a total asset value of $12.9 billion, making it the largest public holder of ether and the second-largest public digital asset treasury. Bitmine's strategic objective is to accumulate 5% of the total ether supply, equivalent to roughly 6 million tokens.