Bitmine to buy 10,000 ether for $23.9 million from the Ethereum Foundation

The transaction brings the firm’s holdings closer to its 5% of ETH target.

What to know:

• Ether treasury firm Bitmine Immersion Technologies said it is buying 10,000 ETH from the Ethereum Foundation in an over-the-counter deal worth about $23.87 million.
• The Ethereum Foundation said the sale proceeds will fund its operations, including protocol research, ecosystem development and grants.
• Led by Fundstrat CIO Thomas Lee, Bitmine held 4.97 million ETH last week and is aiming to accumulate roughly 5% of the token’s total supply.

Bitmine Immersion Technologies (BMNR) said it is purchasing 10,000 ether (ETH) from the Ethereum Foundation, adding to its growing position as the largest digital asset treasury firm after the bitcoin-centric Strategy (MSTR).

The terms of the over-the-counter transaction were finalized on Friday and is worth $23.87 million, the Ethereum Foundation said in an X post.

ETH currently trades at around $2,310, some 3% lower than the sale price in the transfer.

The 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 halted buying over the past months.

The firm, helmed by Fundstrat CIO Thomas Lee, bought over 100,000 last week, bringing its holdings to 4.97 million ETH, according to its Monday report. Its total assets stood at $12.9 billion, making it the largest public holder of ether, and second-largest public digital asset treasury trailing.

Bitmine is trying to accumulate 5% of ETH's supply, which would translate to roughly 6 million tokens, the company previously announced.

Read more: Ethereum Foundation stakes another $93 million ether, reaching its 70,000 ETH target

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