 
 
The Ether Machine added 15,000 ETH to its balance sheet in a $56.9 million purchase, kicking off its long-term accumulation strategy on the 10th anniversary of the world’s second-largest cryptocurrency.
The crypto-focused investment firm said in a Wednesday press release that it acquired the ETH tranche at $3,809 per coin. The acquisition, which was made using cash proceeds from its previously announced private placement, lifts its total holdings to 334,757 ETH, valued at around $1.28 billion at current prices.
With this stash, The Ether Machine has become the third-largest corporate holder of Ether, outdistancing the Ethereum Foundation’s 234,000 ETH, data from StrategicETHReserve shows. The firm trails only Peter Thiel-backed BitMine and Joe Lubin-helmed SharpLink Gaming.
The Ether Machine said it still has up to $407 million in cash reserves remaining for additional Ether purchases.
Moreover, the firm noted that its latest Ether acquired announcement coincides with Ethereum’s 10th anniversary.
 
“We couldn’t imagine a better way to commemorate Ethereum’s 10th birthday than by deepening our commitment to ether,” The Ether Machine Co-Founder, Andrew Keys, opined. “Our mandate is to accumulate, compound, and support ETH for the long term — not just as a financial asset, but as the backbone of a new internet economy.
Ethereum Turns 10 As Wall Street Warms Up To ETH As Treasury Asset
When Ethereum went live on July 30, 2015, it aimed to be more than just another cryptocurrency. The Vitalik Buterin project sought to extend the boundaries of blockchain technology itself. While Bitcoin secured the narrative of digital gold, Ethereum set out to be a more extensive vision: to become a decentralized “World Computer”.
A decade later, publicly traded companies like The Ether Machine, SharpLink, and BitMine are beginning to recognize Ethereum as the next emerging treasury asset.
According to a recent report from British multinational bank Standard Chartered, these treasury firms have scooped up over 1% of ETH’s circulating supply since June, outperforming Bitcoin-focused companies during the same time frame. The bank envisions ETH-focused treasury firms eventually owning up to 10% of the total supply, citing regulatory arbitrage opportunities and programmable yield via stalking and decentralized finance.
Meanwhile, the price of Ether has also soared in the past two months, with the asset recovering back above the $3,800 threshold in July.
As Ether corporate treasuries take off, pundits are increasingly bullish that ETH will finally break its current lifetime high after over three years.
Source: https://zycrypto.com/the-ether-machine-becomes-third-biggest-ethereum-holder-after-latest-eth-purchase-on-ethereums-10th-birthday/