- The Ether Machine purchased 15,000 Ether (ETH) for $56.9 million, increasing its total holdings to 334,757 ETH.
- This purchase coincides with Ethereum’s 10th anniversary and brought the company’s holdings above those of the Ethereum Foundation, making it the third-largest corporate ETH holder.
- The Ether Machine was formed from the merger of The Ether Reserve and Nasdaq-listed Dynamix Corp, aiming to go public under the ticker ETHM.
- Corporations are accumulating ETH at twice the pace of Bitcoin, according to a recent Standard Chartered report.
- The Ether Machine still has $407 million in reserves for potential future buys and recently donated $100,000 to the Protocol Guild, a funding initiative for Ethereum developers.
The Ether Machine announced a $56.9 million purchase of 15,000 Ether (ETH), executed at an average price of $3,809 per ETH. The acquisition coincided with Ethereum’s 10-year anniversary, and continues the company’s long-term accumulation plan.
The latest buy pushes The Ether Machine’s total ETH holdings to 334,757, according to the company’s statement. “We couldn’t imagine a better way to commemorate Ethereum’s 10th birthday than by deepening our commitment to Ether,” said Andrew Keys, chairman and co-founder of The Ether Machine. “We are just getting started.”
Formed earlier this year from the combination of The Ether Reserve and Nasdaq-listed Dynamix Corp, The Ether Machine is preparing to go public under the ticker ETHM in a transaction expected to close in the fourth quarter. The company aims to raise $1.6 billion through this deal.
With its increased holdings, The Ether Machine now stands as the third-largest corporate holder of ETH, surpassing the Ethereum Foundation’s reported 234,000 ETH, as cited by StrategicETHReserve data. The firm is behind only Bitmine and SharpLink Gaming in corporate ETH reserves. The company also stated that $407 million remain in reserve for additional cryptocurrency purchases.
In addition, Andrew Keys donated $100,000 to the Protocol Guild, a Web3 initiative supporting Ethereum’s core developer community that has distributed funds to over 150 contributors.
Standard Chartered reported that companies are accumulating Ethereum at about twice the rate of Bitcoin since early June, with corporate treasuries collectively obtaining about 1% of Ethereum’s total supply. The bank guided that these purchases, along with strong flows into U.S. spot Ether exchange-traded funds (ETFs), are supporting ETH price performance and could contribute to Ether reaching a forecasted $4,000 by year-end.
Despite these movements, ETH currently trades more than 20% below its all-time high of $4,890. Standard Chartered projects that Ethereum-focused treasury firms may eventually control up to 10% of total ETH supply, citing staking and decentralized finance (DeFi) opportunities that are not available to Bitcoin-focused companies.
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