Bitmine Immersion Technologies (BMNR) announced the purchase of 10,000 ether (ETH) from the Ethereum Foundation, strengthening its growing position as the largest digital asset treasury company after bitcoin-centric strategy (MSTR).
The terms of the over-the-counter transaction were finalized on Friday and amount to $23.87 million, the Ethereum Foundation said in an X article.
ETH is currently trading at around $2,310, approximately 3% below the transfer sale price.
Proceeds will be used to support the organization’s operations, including protocol research, ecosystem development and grants, the foundation said.
The transaction comes as Bitmine continues to accumulate ether on a large scale while most digital asset treasuries have slowed or stopped their purchases in recent months.
The company, led by Thomas Lee, CIO of Fundstrat, purchased more than 100,000 last week, bringing its holdings to 4.97 million ETH, according to its report on Monday. Its total assets stood at $12.9 billion, making it the largest public holder of ether and the second largest public treasury of digital assets.
Bitmine is attempting to accumulate 5% of the ETH supply, which would translate to approximately 6 million tokens, the company previously announced.
Read more: Ethereum Foundation stakes another $93 million on ether, reaching its goal of 70,000 ETH
