The Ether Machine has added 15,000 ETH to its balance sheet in a $56.9 million purchase, resuming its long-term accumulation strategy, the company announced Wednesday.
The latest acquisition, with an average price per ether of $3,809 (eth), pushing the company’s total holdings to 334,757 ETH, the company explain In the press release, point out that it is with Ethereum’s 10th anniversary.
“We can’t imagine a better way to commemorate Ethereum’s tenth birthday instead of deepening our commitment to Ether,” said Andrew Keys, chairman and co-founder of Ether Machine. He added: “We’re just starting.”
The Ethernet machine is Founded earlier this year Dynamix Corp., which is listed through Ether Reserve and NASDAQ. The deal is expected to close in the fourth quarter and will allow the company to be publicly traded in stock currency with a target of $1.6 billion.
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Ether machine becomes the third largest ETH holder
With this latest purchase, Ether Machine becomes the third largest company holder of ETH, surpassing the Ethereum Foundation’s 234,000 ETH. data. The company can only browse Bitmine and Sharplink games.
According to the announcement, the Ethernet machine still has $407 million in reserves available for additional purchases.
Meanwhile, Keys has donated $100,000 to the Association of Agreements, a major Web3 funding program that supports core developers of Ethereum and has distributed millions to more than 150 contributors.
“Ethereum has proven to be not only a smart contract platform for institutions, but also as the infrastructure for the new era of digital finance,” Noones CEO Ray Youssef told Cointelegraph.
Youssef said Ethereum promotes the convergence of traditional finance and cryptocurrencies through custodial token assets, Onchain Payments and Institution-level custody, and builds many programmable financial core infrastructure directly on its network.
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Company accelerates ETH purchases
Now, the company is double the speed of Bitcoin (BTC), according to the latest report from the Standard Charter. Cryptocurrency companies since early June Received 1% of the total Ethereum supplyfueling ETH’s recent performance.
The bank noted that the surge and massive inflows into the U.S. Ether ETF supported Ether’s rally, which could help push prices higher than its $4,000 year-end forecast. Despite these gains, ETH is still below 20% of its all-time high of $4,890.
Standard Chartered expects that Ether Treasury will eventually control up to 10% of the ETH supply, driven by Bitcoin-centric companies.
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