The Ether Machine has made a bold return to its long-term crypto strategy, snapping up 15,000 ETH in a $56.9 million purchase, the company announced Wednesday. Not far behind, SharpLink Gaming also jumped in with a sizable $43 million Ether acquisition.
This latest move, made at an average price of $3,809 per ETH, brings The Ether Machine’s total holdings to 334,757 ETH. The company said the timing of the buy was no coincidence, it was a tribute to Ethereum’s 10th birthday.
“We couldn’t imagine a better way to celebrate Ethereum’s 10-year anniversary than by doubling down on our belief in Ether. This is just the beginning.”
Andrew Keys, chairman and co-founder of The Ether Machine.
The Ether Machine was launched earlier this year through a merger between The Ether Reserve and Nasdaq-listed Dynamix Corp. The combined firm is expected to go public under the ticker symbol ETHM by the fourth quarter, aiming to raise $1.6 billion.
The Ether Machine Keeps $407M War Chest
The Ether Machine isn’t done yet. According to its latest announcement, the company still has $407 million in reserve, ready for more ETH purchases.
Just a day after The Ether Machine’s big move, SharpLink followed. On Thursday, the firm spent $43.09 million in USDC to buy 11,259 ETH at an average price of $3,828, according to on-chain data. This boosts SharpLink’s total Ethereum stash to 449,276 ETH, now valued at roughly $1.73 billion.
In a show of support for the broader Ethereum ecosystem, Ether Machine co-founder Andrew Keys also donated $100,000 to the Protocol Guild, a key Web3 funding group that backs Ethereum’s core developers. The initiative has already distributed millions to over 150 contributors.
