Bitmine Immersion Technologies is acquiring 10,000 ether (ETH) from the Ethereum Foundation. The over-the-counter transaction is valued at $23.87 million.
The Ethereum Foundation stated the proceeds will fund its operations, including research and grants. This acquisition advances Bitmine's goal of accumulating 5% of ETH's total supply, bringing its total holdings to 4.97 million ETH, valued at $12.9 billion. The firm continues to accumulate ether while many other digital asset treasuries have slowed their buying.