Kraken-backed The Ether Machine buys 15,000 ETH on Ethereum’s 10-year anniversary

The Ether Machine, a newly formed Ethereum generation company backed by Pantera Capital, Kraken, and other top-tier investors, announced Wednesday the acquisition of 15,000 ETH, kicking off its ETH treasury on Ethereum’s 10-year anniversary.

The purchase, made at $3,809 per ETH, brings the company’s total holdings to 334,757 ETH, with up to $407 million remaining for additional purchases.

The acquisition was executed through The Ether Reserve LLC using part of $97 million in cash proceeds from a previous private placement. Additional ETH purchases from the remaining proceeds are expected in the coming days.

“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.”

Keys also made a personal donation of $100,000 to the Protocol Guild, an initiative supporting Ethereum’s core protocol contributors. The Guild has distributed millions of dollars to over 150 long-term researchers, developers, and maintainers working on Ethereum’s base layer.

“Ethereum would not exist without the tireless work of its core developers,” Keys said. “This donation is a token of thanks to the stewards of the protocol, and a celebration of everything Ethereum has made possible over the past decade.”

The Ether Machine is planning for a Nasdaq public offering, aiming to raise over $1.6 billion. The company will list under the ticker ETHM, through a merger with Dynamix Corporation, expecting to hold over 400,000 ETH initially.

Funds from the offering will be used to establish The Ether Machine as a major public Ether generation entity, focusing on generating returns through various Ethereum-based financial strategies, like staking, restaking, and DeFi participation, rather than passively holding Ether.