The Ether Machine and SharpLink Gaming significantly bolstered their Ethereum holdings, with corporate accumulation prompting reflections on the cryptocurrency’s role in finance and marking Ethereum’s 10th anniversary.
On Wednesday, The Ether Machine announced the purchase of 15,000 ETH for $56.9 million, at an average price of $3,809 per ETH, adding to its total stake. This push brings its holdings to 334,757 ETH, valuing its position at “significantly” in the billions, the company stated, timing the move “perfectly” to coincide with Ethereum’s decade-long milestone.
“We couldn’t imagine a better way to commemorate Ethereum’s 10th birthday than by deepening our commitment to Ether,” commented Andrew Keys, chairman and co-founder of The Ether Machine, emphasizing the company is “just getting started.”
The Ether Machine recently emerged from a business combination involving The Ether Reserve and Nasdaq-listed Dynamix Corp., targeting a public listing on the Nasdaq under ticker ETHM and raising up to $1.6 billion.
Separately, blockchain infrastructure firm SharpLink Gaming made a substantial purchase, acquiring $43 million worth (11,259 ETH) at an approximate average price of $3,828. This latest buy inflates its total ETH holdings to 449,276 ETH, equivalent to around $1.73 billion based on current crypto data.
The Ether Machine now stands as the third-largest corporate holder of ETH, based on StrategicETHReserve data, surpassing the Ethereum Foundation’s self-reported 234,000 ETH. As it stands, The Ether Machine ranks behind Bitmine and SharpLink Gaming. The company retains a reported $407 million treasury for further acquisitions.
SharpLink Gaming’s recent chairman also donated $100,000 to the Protocol Guild, a Web3 funding initiative supporting Ethereum’s core developers.
Industry analysts highlight a broader trend. Citing Standard Chartered, NoOnes CEO Ray Youssef observed that corporations are accumulating ETH at twice the pace of Bitcoin, acquiring 1% of the coin’s total supply since early June. This corporate buying spree has fueled ETH’s price performance, which remains over 20% below its all-time high despite recent gains. The bank forecasts continued accumulation, with treasury firms potentially acquiring up to 10% of the ETH supply over time.
Youssef further noted Ethereum’s evolving role, stating: “Ethereum has been proving to be more than just a smart contract platform for institutions in recent times — they are seeing it as the foundational infrastructure for the new era of digital finance.”
Subsequently, bulls in the Ethereum market point to these treasury purchases, alongside inflows into US spot ETH ETFs, as significant catalysts for price appreciation.
