In a bold show of conviction, the Ether Machine celebrated Ethereum’s 10th anniversary with a $56.9 million ETH purchase. The purchase was carried out by Ether Reserve LLC, a subsidiary of Ether Machine, at an average price of $3,809.97 per ETH.
According to the announcement, the company’s total ETH holdings has reached 334,757 ETH with this latest purchase, valued at over $1.2 billion based on current market prices. Additionally, the firm has set aside $407 million for future ETH acquisitions.
ETH Treasury Strategy Gains Momentum
The Ether Machine revealed that the purchase marked the start of its institutional-grade ETH treasury deployment. Andrew Keys, the company’s Chairman and Co-Founder, emphasized the firm’s conviction in Ethereum as the backbone of a decentralized internet.
“We couldn’t imagine a better way to commemorate Ethereum’s 10th birthday than by deepening our commitment to ether,” Keys stated. He also added that their mandate focuses on accumulation and support of ETH for the long term.
In addition to the purchase, Keys generously contributed $100,000 to the Protocol Guild, which is a community-driven funding initiative aimed at supporting Ethereum core developers. On top of that, the Ether Machine has plans for more purchases using the leftover funds from its $97 million private placement.
Growing Corporate ETH Accumulation
The Ether Machine is not alone; it joins big companies building ETH for reserves. One of them is SharpLink, which has over 438,017 ETH in its treasury, worth around $1.7 billion.
The Trump-family backed World Liberty Financial (WLFI) is another firm which holds 77,226 ETH, valued at about $297 million. However, WLFI has come under fire for panic selling some of their ETH at a loss, even though they have big unrealized gains.
Also Read: Ethereum Celebrates a Decade of Decentralized Innovation
