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The Ether Machine, a crypto infrastructure firm, is preparing to go public with one of the largest Ethereum (ETH) holdings in the sector. Over the last few months, the company has added more ETH to its balance sheet, positioning itself as the third-largest Ethereum treasury company in the market, ahead of its planned Nasdaq listing. 

Ether Machine Secures $654 Million In ETH Ahead Of Debut

Ethereum’s growing position in institutional crypto investments took a major leap this week as The Ether Machine just confirmed a major ETH purchase. In an X social media post on Tuesday, September 2, the company announced that it has secured $654 million worth of Ether, equivalent to 150,000 ETH, in private financing. 

Jeffrey Berns, a well-known Ethereum advocate and early supporter of the ecosystem, reportedly made this large-scale ETH acquisition, marking one of the largest individual commitments to a crypto treasury company. The investment is set to be moved into the firm’s wallet later this week. 

Notably, The Ether Machine is now finalizing preparations for its highly anticipated Nasdaq debut later this year. Once listed, the treasury firm expects to hold over 495,000 ETH, valued at roughly $2.5 billion. In its statement on X, the company revealed that its latest addition of 150,000 ETH represents a landmark follow-on investment and a new benchmark for the scale of treasury accumulation across the crypto sector. It added that the growing size of its reserves provides it with “unmatched strength and credibility“ among competitors. 

For a market increasingly shaped by institutional adoption, The Ether Machine’s aggressive accumulation strategy underscores the growing shift toward corporate entities directly holding Ethereum as a core balance sheet asset. Unlike other firms that diversify between cryptocurrencies, The Ether Machine has remained laser-focused on ETH as its flagship store of value. This positioning places the treasury company in a distinct spotlight ahead of its public market debut. 

Ethereum Treasury Demand Shrinks Exchange Supply

The Ether Machine’s recent treasury move is part of a broader market trend that has seen ETH depleting rapidly from crypto exchange supplies. According to reports, Ethereum reserves on centralized exchanges have been declining at an unprecedented rate, with just about 12% of ETH still held on these platforms compared to the nearly 30% a few years ago. 

Crypto analyst Leon Waiddman argues that this sharp drop directly results from increasing institutional demand, driven by Ethereum treasury companies and ETH-backed Exchange-Traded Funds (ETFs). Waidmann suggests that the buying pressure from these entities is creating a long-term supply crunch that could have explosive implications for Ethereum’s price trajectory. 

Insights from another market expert, ‘Crypto-Gucci.eth’ on X, further reinforce this trend. The analyst pointed out that Bitmine, the largest Ethereum treasury firm, has been accumulating ETH at nearly 20x the pace of Michael Saylor’s Strategy’s storied Bitcoin purchases. While Strategy took over 1,200 days to amass almost $9 billion worth of Bitcoin, Bitmine acquired the same value in less than two months. 

Featured image from Adobe Stock, chart from Tradingview.com

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