ETHUSDTPerp3,121.48-0.38%The Ether Machine acquires 15,000 new ETH and surpasses the Ethereum Foundation in terms of assets.
The CEO confirms a long-term commitment to supporting Ethereum as an asset and a decentralized economic project.
In a resounding step that coincided with the tenth anniversary of the launch of the Ethereum network, The Ether Machine announced that it has officially become larger than the Ethereum Foundation itself in terms of ETH holdings.
The newly established startup managed to raise over 334,000 ETH, surpassing the digital assets of an organization that was until recently considered the primary reference for the Ethereum network.
15,000 additional ETH in a single deal!
Last Thursday, The Ether Machine announced the purchase of 15,000 ETH in a single transaction, bringing its total holdings to 334,757 units. This announcement coincided with the celebrations for the tenth anniversary of Ethereum's launch.
Andrew Keyes, the co-president of the project, stated that this step embodies their deep commitment to Ethereum in the long term, not just as a financial asset but as a foundation for building the new internet economy.
Who is The Ether Machine? And how was it born?
The Ether Machine did not come from nowhere; it was the result of a strategic merger between Dynamix Corporation (DYNX) and a SPAC known as The Ether Reserve.
This merger established what is known today as the "Ethereum Treasury Company," which aims to collect no less than 400,000 ETH to support the Ethereum ecosystem, just as central treasuries do in traditional financial systems... but on the blockchain.
Historic superiority over the Ethereum Foundation
According to data from the site SRATEGICETHRESERVE.XYZ, The Ether Machine now owns more than 42.7% of the volume of ETH held by the Ethereum Foundation, making it the second largest institutional entity owning Ethereum, behind only Bitmine Immersion Tech and SharpLink Gaming.
However, it is worth noting that these statistics do not include individuals, most notably the network's founder himself, Vitalik Buterin, who holds over 240,000 ETH according to the Arkham platform.
Beyond the numbers, Andrew Keyes emphasized that the project has a community dimension. He personally donated $100,000 to the "Protocol Guild," a gathering of developers who contributed to the technical infrastructure of Ethereum.
Ethereum continues to rise
Coinciding with this news, the price of ETH saw a slight increase of 1.1% within just 24 hours, trading at $3,860. The market seems to have positively received The Ether Machine's moves, as this step is considered a strong indicator of growing institutional confidence in the future of Ethereum.
