The Ether Machine Overtakes Ethereum Foundation with Whopping $56.9M ETH Purchase

Move over, Ethereum Foundation—there's a new whale in town. The Ether Machine just flipped the script with a $56.9 million ETH accumulation, edging out the OG institutional holder in a power play that’s got the crypto world buzzing.

Who needs a foundation when you’ve got a machine?

The numbers don’t lie: $56.9 million worth of ETH now sits in the Ether Machine’s cold storage, making it one of the largest single-entity holders in the ecosystem. Forget ‘decentralization theater’—this is a straight-up corporate takeover dressed in DeFi clothing.

And let’s be real: in a market where ‘institutional adoption’ is just code for ‘hedge funds playing hot potato with retail money,’ this move at least has the decency to be transparently bullish.

One question remains: Is this a strategic accumulation or just another proof that money flows where the hype goes? Either way, the machine’s got the ETH—and the power.

Top Ethereum holders source: https://x.com/WuBlockchain/status/1950757285443371438 The timing of The Ether Machine’s purchase coincides with Ethereum’s 10th anniversary, which the company strategically selected to initiate its long-term treasury deployment. It sees this move as the first step toward building a long-term ETH treasury. Specifically, the company views Ethereum not just as a digital asset but as a foundational layer for the future of the internet. Chairman and Co-Founder Andrew Keys underscored that the company’s mission is to steadily grow and support its ETH holdings as a core institutional strategy. $407 Million Still on the Table to Buy Ethereum Notably, The Ether Machine funded this latest ETH acquisition using $97 million raised through a recent private placement. Meanwhile, it has over $407 million left to deploy as part of its long-term treasury strategy. In the coming days, the company will begin making additional ETH purchases using a portion of the remaining capital. Each transaction will be announced individually as the company gradually deepens its holdings. Backing the Builders: $100K to Protocol Guild Alongside the treasury announcement, the company revealed that Andrew Keys personally donated $100,000 to the Protocol Guild. This initiative provides financial support to Ethereum’s core developers. The Guild plays a vital role in sustaining Ethereum’s foundational development. It has already distributed millions of dollars to over 150 core researchers, engineers, and maintainers. The Ether Machine described the donation as a tribute to the tireless efforts of Ethereum’s core development community. It also recognized their pivotal role in building and sustaining the network over the past decade.