Ether Machine Buys 15K ETH, Overtakes Ethereum Foundation
The Ether Machine, formed by merging Ether Reserve with Nasdaq-listed Dynamix earlier this year, purchased 15,000 ETH at $3,809 each for $56.9 million, boosting its holdings to 334,757 ETH and surpassing the Ethereum Foundation’s roughly 234,000 ETH. Funded by private placement proceeds, the firm still holds $407 million reserved for further ETH acquisitions. Now the third-largest institutional ETH holder behind Bitmine and SharpLink Gaming, The Ether Machine plans to generate returns through staking, liquidity provision and ecosystem funding. Following the announcement—coinciding with Ethereum’s tenth anniversary—ETH climbed 1.5% to $3,862 amid rising institutional demand. The firm expects to complete its Q4 SPAC merger and list on Nasdaq under the ticker ETHM, targeting a $1.6 billion IPO and a holding of over 400,000 ETH by the listing date.
Bullish
This large-scale institutional purchase by The Ether Machine signals rising institutional demand for ETH, which has already driven a 1.5% price uptick and boosted market sentiment. In the short term, the buying pressure and positive price reaction underscore bullish momentum. Over the long term, the planned SPAC merger, Nasdaq listing under ETHM, and strategies for staking, liquidity provision and ecosystem funding suggest sustained accumulation and support for ETH’s market growth, reinforcing a bullish outlook.