Ether Machine announced the purchase of 15,000 ETH as part of its long-term cryptocurrency accumulation strategy.
According to the press release, the investment company acquired a batch of ETH at a price of $3,809 per coin, totaling $56.9 million. The purchase was made using funds raised from a previously announced private placement.
The latest purchase brought the company's total reserve to 334,757 ETH, with another $407 million reserved for future acquisitions.
Surpassed the creators of Ethereum
The latest acquisition allowed Ether Machine to surpass the Ethereum Foundation, which owns about 234,000 ETH according to StrategicETHReserve data. Tom Lee's Bitmine and SharpLink Gaming, led by Joe Lubin, remain the two largest corporate holders.
The company noted that the announcement of the latest purchase coincides with the tenth anniversary of Ethereum.
"We couldn't imagine a better way to celebrate Ethereum's 10th anniversary than to deepen our commitment to the asset," said Ether Machine co-founder Andrew Keys. "Our goal is to accumulate, grow, and support ETH in the long term not only as a financial asset but also as the foundation of a new internet economy."
Plans for an IPO
Ether Machine was created earlier this year as a result of a merger between Ether Reserve and Nasdaq-listed Dynamix Corp. The deal is expected to close in the fourth quarter of this year. After the deal closes, the company plans to go public on Nasdaq under the symbol ETHM with an expected raise of $1.6 billion.
The purchase by Ether Machine demonstrates the growing corporate interest in Ethereum as a long-term asset. The company positions itself not just as an investor but as a participant in the ecosystem supporting the development of the technology.
