The Ether Machine acquired nearly 15,000 ETH at a price of $3,809.97 per token — totaling $56.9 million. With the new purchase, its total acquired ETH volume reached 334,757 coins. The company still has $407 million on its balance sheet, which can be directed towards additional purchases.
Now The Ether Machine owns a larger volume of ETH than the Ethereum Foundation, which is behind the development of Ethereum. It has already become the third public company to surpass the Foundation in terms of Ether on its balance.
Like other companies with a crypto reserve, The Ether Machine went public through a merger with a little-known entity — Dynamix (ticker DYNX on Nasdaq), which previously had no connection to cryptocurrencies. After the deal was completed, the project was led by Ethereum pioneer Andrew Keys.
Among the largest similar examples are BitMine and SharpLink Gaming, which, like The Ether Machine, switched to a crypto reserve strategy in Ethereum after a change in structure and leadership. BitMine is led by analyst Tom Lee from Fundstrat, and the chairman of SharpLink is Consensys founder Joe Lubin. Both companies began accumulating ETH only in June but have since surpassed the Ethereum Foundation in reserve volume.
💸 Related material: "Digital Oil." Why a new company is investing $1.5 billion in Ethereum
Source: Telegram channel RBC Crypto | Subscribe to the channel
