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