In a bold move that’s shaking up the crypto world, The Ether Machine has acquired nearly 15,000 ETH at an average price of $3,809.97 per token, totaling $56.9 million.
With this latest purchase, the company’s ETH holdings have soared to 334,757 tokens, catapulting it past the Ethereum Foundation — the organization behind Ethereum’s development — in terms of reserves. The Ether Machine still holds a hefty $407 million in cash, signaling potential for further acquisitions and solidifying its aggressive accumulation strategy.
This milestone marks The Ether Machine as the third publicly traded company to outpace the Ethereum Foundation’s ETH holdings, joining a growing roster of firms betting big on the second-largest cryptocurrency. L
ike its peers, The Ether Machine entered the public market through a merger with Dynamix (ticker: DYNX on Nasdaq), a little-known entity with no prior crypto ties. The deal, now complete, has placed Ethereum pioneer Andrew Keys at the helm, bringing his expertise to the forefront of this ambitious project.
The Ether Machine’s rise mirrors the paths of other crypto-reserve giants like BitMine and SharpLink Gaming, both of which pivoted to an ETH-heavy strategy following structural overhauls and leadership changes. BitMine, led by Fundstrat analyst Tom Lee, and SharpLink Gaming, chaired by Consensys founder Joseph Lubin, began their ETH accumulation spree in June. Despite their late start, both have already surpassed the Ethereum Foundation’s reserves, fueling a competitive treasury arms race among public companies.
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This trend reflects a broader shift, with firms leveraging Ethereum’s yield-generating potential and its role in digitizing real-world assets. The Ether Machine’s model includes staking, restaking, and DeFi participation, aiming to establish one of the largest on-chain ETH treasuries. As the crypto market watches, the question lingers: will this surge in corporate ETH holdings drive Ethereum’s value higher, or expose new risks in the volatile landscape? For now, The Ether Machine’s latest move has firmly placed it at the top of the pack.
