The Ether Machine Initiates $463 Million ETH Treasury Strategy with $57 Million Purchase
The Ether Machine is set to go public through a merger with SPAC sponsor Dynamix. Key developments include:
- Acquired nearly 15,000 ETH for $56.9 million at an average price of $3,809.97.
- Plans to accumulate over 334,000 ETH, with $407 million remaining for purchases.
- Total exposure to ETH now stands at approximately $463 million.
- Purchase coincides with Ethereum's 10th anniversary, aligning with the firm's mission for institutional-grade infrastructure.
- Funded partly by a $97 million private placement through The Ether Reserve LLC.
- Andrew Keys confirmed a $100,000 donation to the Protocol Guild for Ethereum developers.
- Aims to create one of the largest on-chain ETH treasuries among publicly traded entities, focusing on yield generation and providing services to DAOs, enterprises, and institutions.
- Merger with Dynamix Corporation (DYNX) will result in listing as The Ether Machine Inc., ticker pending.