Ether Machine, backed by several high-profile industry investors including Pantera Capital and Kraken, has announced purchasing 15,000 ETH as part of its long-term treasury strategy.
Per an official release, the company bought ETH worth $56.9 million at $3,809.97 per token. The fresh purchase brings its total ETH holdings to 334,757 ETH and has $407 million for additional Ethereum purchases.
The ETH accumulation is timed to coincide with Ethereum’s 10th anniversary, the release noted. Over a decade-long journey, Ethereum has proved how value moves online by supporting permissionless innovation, and open finance.
Ethereum is celebrating with a global livestream featuring Vitalik Buterin and key contributors reflecting on its journey from smart contracts to financial infrastructure.
Ether Machine Surpasses Ethereum Foundation in ETH Holdings
With the latest accumulation, Ether Machine has become the third publicly listed ETH treasury company, surpassing the Ethereum Foundation’s 234,600 ETH.
Ether Machine is a new investment vehicle, which is set to debut on the Nasdaq with an expected 400,000 ETH ($1.53 billion) on its balance sheet.
Through a SPAC merger of the Ether Reserve and Dynamix Corporation, Ether Machine will trade under the ticker ETHM, the company announced last week.
“We are just getting started. Our mandate is to accumulate, compound, and support ETH for the long term – not just as a financial asset, but as the backbone of a new internet economy,” said Andrew Keys, Chairman and Co-Founder of The Ether Machine.
While the company’s ETH accumulation did not directly impact short-term price movements, the move reinforces Ethereum’s growing perception as both a speculative and strategic asset. ETH is up 1% in 24-hour trading and is at $3,860 at press time, per CoinMarketCap.
Co-Founder Donates $100K to Ethereum Community Contributors
Ether Machine co-founder Keys stressed that Ethereum would not exist without the tireless work of its core developers. He announced donating $100,000 to the Protocol Guild, a community-led funding initiative that supports Ethereum’s core protocol contributors.
“This donation is a token of thanks to the stewards of the protocol, and a celebration of everything Ethereum has made possible over the past decade,” he added.
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