In Brief

• New entity The Ether Machine acquires 15,000 ETH for approximately $56.9 million, adding significantly to its holdings which now total $1.28 billion worth of ETH.
• The purchase elevates The Ether Machine to the third-largest corporate holder of Ethereum, surpassing the Ethereum Foundation.
• This move highlights institutional adoption via treasury holdings, driven by the advantages of direct ownership, particularly for accessing staking rewards.

Corporate Treasury Dominance in Ethereum

The Ether Machine, established via a merger just one week ago between The Ether Reserve, LLC and Dynamix Corporation (a blank check firm), has purchased nearly 15,000 ETH for $56.9 million. This brings its total Ethereum holdings to $1.28 billion.

With this acquisition, The Ether Machine now controls 334,757 ETH, positioning it as the third-largest holder, behind Bitmine Immersion Tech ($2.40 billion) and SharpLink Gaming ($1.68 billion). It has up to an additional $407 million allocated for further ETH acquisition.

This newly formed company, set to list on NASDAQ in Q4, is backed by Andrew Keys, former head of business development at ConsenSys. Its strategic aim is to offer institutional exposure to Ethereum, utilizing staking and DeFi for portfolio growth beyond simple holding.

In contrast, the non-profit Ethereum Foundation holds $899.8 million worth of ETH.

ETH Treasuries Overtake ETFs in the U.S.

A significant trend emerged in the Ethereum market: the shift from institutional holdings via spot ETFs to corporate treasuries. According to data compiled by CEX.io, this transition reversed dramatically in 2025.

At the start of the year, U.S. spot ETH ETFs vastly outnumbered corporate treasuries, controlling approximately $12.1 billion versus $120 million. However, by July, corporate treasuries surged, reaching $6.2 billion, while ETF holdings rose to $21.4 billion, resulting in a reversal of their respective market shares.

This shift is attributed to CEX.io, citing a “deeper shift toward native, utility-driven adoption.” Furthermore, the spokesperson explained that a key limitation of ETFs is their inability to support staking – a feature available to direct holders.

“For Ethereum specifically, U.S. spot ETFs currently don’t support staking. Making direct holdings more attractive since companies can earn rewards and actively engage with the network, rather than passively holding ETF shares.” Ethereum staking offers investors variable yields, similar to interest-bearing accounts or dividend-paying stocks.