The Ether Machine purchased 15,000 ETH for $56.9 million, according to its announcement on Wednesday.
The acquisition, completed at an average price of $3,809 per ETH, increased its total holdings to 334,757 ETH.
The purchase coincided with Ethereum’s 10-year anniversary. Andrew Keys, chairman and co-founder of The Ether Machine, said:
“We couldn’t imagine a better way to commemorate Ethereum’s 10th birthday than by deepening our commitment to Ether. We are just getting started.”
The company confirmed that its recent move follows its long-term accumulation plan. This latest acquisition reinforces its position among the largest institutional holders of Ethereum.
Ether Machine’s Public Listing and $1.6B Capital Target
The Ether Machine was formed earlier this year through a merger between The Ether Reserve and Nasdaq -listed Dynamix Corp.
The deal is expected to close in Q4, after which the firm will list publicly under the ticker ETHM.
The planned listing seeks to raise $1.6 billion. The firm stated it still has $407 million reserved for additional Ethereum purchases. These funds indicate further potential acquisitions tied to its corporate treasury strategy.
The business combination aims to position the company as a major Ethereum-focused entity. Its structure reflects the increasing role of digital assets in corporate balance sheets.
Ether Machine Now Third-Largest ETH Holder
With 334,757 ETH, The Ether Machine now surpasses the Ethereum Foundation’s reported 234,000 ETH, based on data from StrategicETHReserve.
It ranks as the third-largest corporate holder of Ethereum, behind Bitmine and SharpLink Gaming.
Top Ethereum Holders. Source: StrategicETHReserveThe company’s recent purchase comes as corporate Ethereum holdings expand. Institutional entities are adding Ethereum to their reserves amid steady growth in on-chain activity and treasury adoption.
In addition to the acquisition, Keys donated $100,000 to the Protocol Guild, which funds Ethereum’s core developers. The program has distributed millions to over 150 contributors.
Corporate ETH Buying Outpaces Bitcoin
According to Standard Chartered, corporations are accumulating Ethereum twice as fast as Bitcoin. Since early June, crypto treasury firms have acquired 1% of Ethereum’s total supply.
The report attributed the increase to corporate Ethereum buying and inflows into U.S. spot Ether ETFs. The data showed growing demand linked to Ethereum’s staking and decentralized finance (DeFi) ecosystem.
Ray Youssef, CEO of NoOnes, said:
“Ethereum has been proving to be more than just a smart contract platform for institutions — they are seeing it as the foundational infrastructure for the new era of digital finance.”
Despite the surge in corporate ETH accumulation, the token remains over 20% below its all-time high of $4,890.
Standard Chartered stated that Ethereum’s treasury adoption could eventually reach 10% of the total supply.
