Bitmine Immersion Technologies (BMNR) said it is buying 10,000 ether (ETH) from the Ethereum Foundation, adding to its growing position as the largest digital asset finance company following the bitcoin-centric strategy (MSTR).
The terms of the over-the-counter transaction were finalized on Friday and are worth $23.87 million, the Ethereum Foundation said in an X filing.
ETH is currently trading at around $2,310, around 3% lower than the sell 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 assets have slowed or stopped buying in recent months.
The firm, led 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 the second largest public digital asset after that.
Bitmine is trying to accumulate 5% of ETH’s supply, which would translate to about 6 million tokens, the company announced earlier.
Read More: Ethereum Foundation Puts Another $93 Million Into Ether, Hits Its 70,000 ETH Goal
