BitMine Immersion Technologies (NYSE: $BMNR) is purchasing 10,000 Ethereum (CRYPTO: $ETH) from the Ethereum Foundation.
The over-the-counter transaction was finalized on April 24, with BitMine spending $23.87 million U.S. to acquire the additional ETH.
The Ethereum Foundation confirmed the sale on social media.
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The latest ETH acquisition by BitMine comes as the company looks to cement its position as the largest Ethereum treasury firm in the world.
The Ethereum Foundation said that proceeds from its sale to BitMine will support its ongoing operations, including protocol research, ecosystem development, and grant awards.
BitMine continues to accumulate Ethereum at scale while most other crypto treasury companies have slowed or halted their buying in recent months as the price has slumped.
BitMine, led by investor Tom Lee, bought more than 100,000 ETH in the past week, bringing its total holdings to 4.97 million Ethereum worth $12.9 billion U.S.
Additionally, BitMine has announced in recent days that it has staked 70% of its Ethereum holdings, validating the Ether network in exchange for receiving yield on its holdings.
BitMine has a stated goal to own 5% of Ethereum’s circulating supply, which would require it to hold six million ETH tokens.
Ethereum is currently trading at $2,315 U.S. BMNR stock has declined 30% this year to trade at $21.94 U.S. per share.