Bitmine Immersion Technologies (BMNR) has announced the acquisition of 10,000 ether (ETH) from the Ethereum Foundation as part of its strategy to become a major digital asset treasury firm following bitcoin-centric Strategy (MSTR). The over-the-counter transaction concluded on Friday and was valued at $23.87 million, according to an announcement by the Ethereum Foundation.
Currently, ETH is trading around $2,310, which is approximately 3% below the sale price in this deal. The funds from this sale will be allocated towards supporting the foundation’s operations, including protocol research, ecosystem development, and grants.
This purchase comes at a time when Bitmine continues to acquire ether on a large scale, while many other digital asset treasuries have reduced or paused their buying activities recently. Led by Fundstrat CIO Thomas Lee, the firm acquired over 100,000 ETH last week, increasing its holdings to 4.97 million ETH, as reported on Monday. Bitmine’s total assets are now valued at $12.9 billion, making it the largest public holder of ether and the second-largest public digital asset treasury.
The company is aiming to acquire 5% of ETH’s total supply, equivalent to about 6 million tokens, as previously stated. Additionally, the Ethereum Foundation has recently invested another $93 million worth of ether, reaching its target of 70,000 ETH.