The Ether Machine has emerged as one of the largest holders of Ethereum (ETH), eclipsing the holdings of the Ethereum Foundation. This position results from an aggressive accumulation strategy and significant gains through staking rewards.
Recent data confirms The Ether Machine’s acquisition of nearly 15,000 ETH, valued at $56.9 million. This transaction increases its total ETH holdings to 334,757 ETH, placing it above the Ethereum Foundation’s treasury, which holds approximately 250,000 ETH.
The accumulation effort is spearheaded by former ConsenSys executive Andrew Keys. Funding focuses on leveraging staking rewards and participating in decentralized finance (DeFi) activities to grow the treasury.
Reflecting broader institutional interest, corporate Ethereum holdings have seen extraordinary growth in 2025. Corporate treasuries surged dramatically from $120 million to $6.2 billion this year. This expansion has drastically reduced the ETF-to-treasury ratio from over 100:1 to less than 4:1.
Staking is a key factor driving this shift, enabling ETH holders to earn variable yields. These potential returns make direct ownership increasingly attractive compared to passive investment vehicles like ETFs.
Looking ahead, The Ether Machine aims for a NASDAQ listing later this year. This move intends to offer public market investors exposure to its institutional-grade Ethereum position and enhance market liquidity for its holdings.