Bitmine Immersion Technologies inks $23.87M purchase of 10,000 ETH from Ethereum Foundation
Bitmine Immersion Technologies (BMNR) has bought 10,000 ether (ETH) in an over-the-counter transaction with the Ethereum Foundation, the foundation said in a post on X. The deal, finalized Friday, is valued at $23.87 million.
At current market levels, ETH is trading near $2,310 — about 3% below the effective sale price in the transfer. The Ethereum Foundation said the proceeds will fund its core work, including protocol research, ecosystem development and grant programs.
Bitmine’s buying spree continues even as many public treasuries have paused purchases. The firm — helmed by Fundstrat CIO Thomas Lee — reportedly acquired more than 100,000 ETH last week alone, bringing its total holdings to 4.97 million ETH, according to its Monday report. With total assets of roughly $12.9 billion, Bitmine is now the largest public holder of ether and one of the biggest public digital-asset treasuries overall.
The company has previously stated a goal of accumulating roughly 5% of ETH’s supply, which equates to about 6 million tokens — putting it within striking distance of that target if current purchases continue.
Sources: Ethereum Foundation X post; Bitmine Monday report.
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