Bitmine Immersion Technologies (BMNR) said it is purchasing 10,000 ether (ETH) from the Ethereum Foundation, which will solidify its position as the largest digital asset finance company after Bitcoin-centric Strategies (MSTR).
The terms of the over-the-counter transaction, worth $23.87 million, were finalized on Friday, the Ethereum Foundation said in an X post.
ETH is currently trading at approximately $2,310, approximately 3% lower than the sale price at the time of the transfer.
Proceeds will support the organization’s operations, including protocol research, ecosystem development and grants, the foundation said.
The trade comes as Bitmine continues to accumulate ether on a massive scale, while most digital asset libraries have slowed or stopped buying over the past few months.
The company, led by Fundstrat CIO Thomas Lee, purchased more than 100,000 ETH last week, bringing its holdings to 4.97 million ETH, according to a report on Monday. Its total assets are US$12.9 billion, making it the largest public holder of Ethereum and the second largest public digital asset library.
Bitmine has previously announced that the company is trying to accumulate 5% of the ETH supply, which would be equivalent to approximately 6 million tokens.
Read more: Ethereum Foundation invests another $93 million in Ether, reaching 70,000 ETH goal