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Bitmine purchases 10k ETH from the Ethereum Foundation, with a transaction value of $23.8 million
CryptoWorld News reports that, according to Coindesk, Bitmine (BMNR) announced it will purchase 10,000 Ethereum (ETH) from the Ethereum Foundation, with a transaction value of approximately $23.8 million. The terms of this over-the-counter (OTC) trade were finalized on Friday, with ETH currently trading at about $2,310, roughly 3% below the transfer price. The Ethereum Foundation stated that the proceeds from the transaction will support its operations, including protocol research, ecosystem development, and funding. Bitmine continues to accumulate Ethereum on a large scale, while most digital asset treasuries have slowed or halted purchases in recent months. The company is led by Thomas Lee, Chief Investment Officer of Fundstrat, who bought over 100,000 ETH last week, bringing its holdings to 4.97M. Its total assets amount to $12.9 billion, making it the largest public holder of Ethereum. Bitmine plans to accumulate 5% of the Ethereum supply, approximately 6 million tokens.