Ether Machine Founder Claims ETH Outpaced Bitcoin Gains Over the Past Decade

Andrew Keys, co-founder of Ethereum-focused investment firm The Ether Machine, has reignited the ETH vs BTC debate. During his media rounds, Keys emphasized that Ethereum has significantly outperformed Bitcoin in returns over the last decade.

ETH vs BTC: A Decade of Uneven Starting Points

Speaking at CNBC’s Squawk Box on Monday, he also revealed that his newly launched firm, backed by over 400,000 ETH, will soon go public via a Nasdaq listing. This move signals a growing institutional appetite for direct Ethereum exposure amid shifting investor sentiment.

Keys claimed that investors holding Ether since its inception would have increased their wealth over 30 times more than those investing in Bitcoin. The comparison highlights the price ratio between ETH and BTC since the launch of Ethereum, which has retained positive momentum. 

While the percentage increase is accurate, the broader picture shows that crypto, in particular, only took off six years ago — with gains exceeding 234 million percent from initial trading levels. Comparing the two without this context distorts the narrative.

Ether Machine Targets $1.6B Ethereum IPO Through SPAC Merger

The Ether Machine aims to debut as a public company with more than $1.6 billion in ETH holdings. This will occur through a planned merger with Dynamix Corporation, a blank-check SPAC firm. 

Once completed, this would create the largest public vehicle dedicated to Ethereum exposure. Bitmine and SharpLink lead the space with treasuries of 300,000 and 280,000 ETH respectively. The Ether Machine intends to surpass both, reinforcing Ethereum’s growing dominance in institutional portfolios.

Besides this milestone, Keys believes Ethereum’s role in tokenization and stablecoins places it at the heart of digital asset infrastructure. He noted that roughly 90% of tokenized assets currently reside on Ethereum, mirroring the dominance Google enjoys in the search engine market. This concentration illustrates Ethereum’s strong network effects, especially as the GENIUS Act begins favoring platforms that host stablecoin operations.

ETH Price Movement Signals Renewed Confidence

While Bitcoin recently achieved a new all-time high in July, Ethereum still lags behind its 2021 peak of $4,878. As of press time, ETH trades around $3,673.63, down 2.7% in the past day. 

Nevertheless, market analysts indicate that there is increased demand towards Ethereum. Over the past weekend, ETH saw sustained rallies, driven by investor rotation from BTC. According to BTSE’s Jeff Mei, Ethereum’s undervaluation relative to its all-time high presents a clear opportunity.