Ethereum Power Shift: Ether Machine Beats Foundation in Holdings
With a $56.9 million acquisition, the Ether Machine became the third-largest publicly traded Ethereum holder, surpassing the Ethereum Foundation in ETH holdings. The Ether Machine revealed in a recent press release that it purchased around 15,000 Ethereum at an average price of $3,810 per token. It now has 334,757 ETH in total assets and obligations after the $56.9 million acquisition. Interestingly, it now has more ETH than the Ethereum Foundation, which has 234,600 ETH worth around $905.9 million. Furthermore, the Ether Machine is currently the third-largest ETH holding that is publicly traded.
Ether Machine Kicks Off $ETH Treasury Plan on Ethereum’s 10th Anniversary
In order to start its long-term treasury deployment, the corporation purposefully chose to buy The Ether Machine at the same time as Ethereum’s tenth anniversary. According to it, this action is the first step in creating a long-term ETH treasury. In particular, the business sees Ethereum as a core component for the internet’s future rather than merely a digital asset. Co-founder and chairman Andrew Keys emphasized that the company’s goal is to sustain its ETH holdings as a fundamental institutional strategy and increase them slowly.
Ether Machine to Keep Buying Ethereum as Treasury War Grows
Notably, $97 million from a recent private placement was used by The Ether Machine to finance this most recent ETH acquisition. As part of its long-term treasury strategy, it still has more than $407 million to spend. The business will use some of the leftover funds to start buying more Ethereum in the days ahead. The corporation will progressively expand its interests, with each transaction being disclosed separately.
In addition to the Treasury declaration, the business disclosed that Andrew Keys gave $100,000 to the Protocol Guild directly. This program gives Ethereum’s key developers financial support.
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