"The Ether Machine" acquired more of the token to coincide with the 10-year anniversary of the Ethereum blockchain.
“The purchase marks the beginning of The Ether Machine's treasury deployment and reflects a deep conviction in ETH as the most important asset of the decentralized internet and its mission to build a long-term, institutional-grade ETH treasury,” the company said in a press release.
The company acquired 15,000 Ether (ETH) at $3,809.97 for a total of almost $57 million. It has now accumulated 334,757 ETH coins which is more than the total possessed by the Ethereum Foundation. The Ether Machine has up to $407 million remaining for additional ETH purchases, to be made “in the coming days,” it noted.
ETH's champion
The Ethereum Foundation calls itself “a non-profit that supports the Ethereum ecosystem” according to its website. The aim is to stake ETH to fund protocol development, grow the ecosystem (presumably its users and dependents) and advocate for the broader adoption of Ethereum.
The blockchain’s fans have been gathering this week at more than 100 events across six continents to commemorate its 10th birthday. The festivities have included a livestream event with co-founders Vitalik Buterin and Joseph Lubin and the creation of an Ethereum Torch NFT.
Bold plans
"We couldn't imagine a better way to commemorate Ethereum's 10th birthday than by deepening our commitment to ether," said Andrew Keys, Chairman and Co-Founder of The Ether Machine. "We are just getting started. 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."
The Ether Machine said earlier this month it plans to debut on Nasdaq through a merger with the blank check firm Dynamix Corporation.
