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

More For You

Industry players are coordinating a recovery effort as the year's biggest crypto theft rattled Aave, with Lido and EtherFi being firsts to offer aid.

What to know:

• Aave and partners are coordinating a major recovery effort across DeFi to cover a shortfall and prevent bad debt after the $292 million exploit tied to KelpDAO.
• Lido Finance, EtherFi and Aave founder Stani Kulechov are among those who proposed putting forward ether (ETH) to cover the hole.
• The initiative...

Jane Street asks court to reject Terraform claims tied to UST-LUNA crash

7 minutes ago

Researcher wins 1 bitcoin bounty for 'largest quantum attack' on underlying tech

46 minutes ago

CoinDesk 20 performance update: Aptos (APT) gains 3.5%, leading index higher

2 hours ago

Bitcoin, dollar move in near-perfect opposition. It hasn't been this extreme in almost 4 years.

4 hours ago

Bitcoin stalls below at $77,500 as volatility cools, traders unwind leverage

5 hours ago

Michael Saylor says the bitcoin winter is over. Some experts agree, with caveats.

5 hours ago

Bitcoin ETFs just pulled in $2 billion in 8 days while short-term holders quietly started selling

9 hours ago

Morgan Stanley is positioning itself as the reserve manager for the stablecoin industry

9 hours ago

Bitcoin rally is stalling as Japanese inflation adds to Iran war–driven market jitters

10 hours ago

U.S. government sits on $26.5 billion gain from Intel stake, as shares surge 22%

6 hours ago

Bitcoin-holder Metaplanet raises $50 million to buy more BTC

7 hours ago

India pushes e-rupee through welfare pilots as BRICS digital currency plan takes shape

6 hours ago