The Ether Machine adds 15,000 ETH for $57 million, surpasses Ethereum Foundation holdings

The Ether Machine announced Wednesday that it bought 15,000 ETH as part of its long-term crypto accumulation strategy.

According to its release, the crypto-focused investment company bought the batch of ETH at $3,809 per coin, for a total of $56.9 million. The purchase was made with cash proceeds from its previously announced private placement.

The latest purchase brought the company's total holdings to 334,757 ETH, with up to $407 million remaining funds earmarked for future acquisitions.

This effectively put The Ether Machine's holdings above that of the Ethereum Foundation, which owns around 234,000 ETH according to StrategicETHReserve data. Tom Lee's Bitmine and Joe Lubin-led SharpLink Gaming are the two largest corporate holders of Ethereum.

Moreover, the company noted that its latest purchase announcement coincides with Ethereum's tenth anniversary.

"We couldn't imagine a better way to commemorate Ethereum's 10th birthday than by deepening our commitment to ether," said The Ether Machine Co-Founder Andrew Keys. "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 was formed earlier this year through an ongoing business combination between The Ether Reserve and Nasdaq-listed Dynamix Corp, which is expected to complete in the fourth quarter of this year. Following the deal's close, it plans to go public on the Nasdaq under the symbol ETHM, with an expected $1.6 billion raise.

Meanwhile, ETH price rose 1.5% in the past 24 hours to trade at $3,862 as of 12:40 a.m. on Thursday, according to The Block's Ethereum price page.