Andrew Keys, co-founder of the newly launched Ethereum investment firm The Ether Machine, claims that investors would have seen significantly greater returns with Ether over the past decade compared to Bitcoin.
Speaking on CNBC’s Squawk Box on Monday, Keys stated, “The price of Ether relative to Bitcoin has materially improved. Since Ethereum’s inception, you would be 50 times wealthier if you had held Ether instead of Bitcoin.” He later revised that estimate in a post on X, correcting the figure to 30 times.
Keys is chairman of The Ether Machine, which plans to go public and launch with over 400,000 ETH—currently valued at approximately $1.5 billion. That would make it the largest publicly listed vehicle for institutional exposure to Ethereum, surpassing the ETH holdings of Bitmine (300,000 ETH) and SharpLink (280,000 ETH).
A vocal supporter of Ethereum, Keys emphasized his preference by saying, “I’m an Ethereum guy—I don’t own Bitcoin. I’d rather have an iPhone than a landline.”
He also highlighted Ethereum’s central role in the blockchain ecosystem, claiming it will be the “largest beneficiary of the GENIUS Act,” due to the widespread use of stablecoins on the Ethereum network.
“Ethereum is experiencing power law dynamics where 90% of tokenized assets are deployed on Ethereum, similar to the power law dynamics of Google where 90% of searches happen with Google.”
A flawed comparison
While the comparison between Ether and Bitcoin returns over time isn’t necessarily inaccurate, it doesn’t tell the full story of the dramatic gains both assets have experienced since their inception.
Bitcoin launched in 2009, with its earliest recorded price stemming from the now-famous Pizza Day in May 2010, when one BTC was valued at roughly $0.0041—though it wasn’t yet traded on exchanges. When Bitcoin first appeared on the Mt. Gox exchange in July 2010, it traded around $0.05. Since then, it has surged over 234 million percent in value.
Ethereum, by contrast, launched more than six years later in July 2015, at a time when Bitcoin was already trading around $280. Ether averaged about $1.60 in its first month and has since climbed roughly 236,837%.
Recent market performance also adds important context. Ether has not yet surpassed its previous all-time high from 2021 and currently trades about 23% below its peak of $4,878, showing mostly sideways movement since 2022.
Bitcoin, on the other hand, set a new all-time high on July 14 and has gained 78% since its 2021 cycle peak, underscoring its continued momentum in the current market cycle.
Ether Machine plans IPO
The Ether Reserve, a newly formed investment firm focused exclusively on Ethereum, is set to go public on the Nasdaq with over $1.6 billion in backing.
According to Reuters, the firm will go public through a merger with the special purpose acquisition company (SPAC) Dynamix Corporation. The combined entity will operate under the name “The Ether Machine.”
Rotation into Ether
“Investors are moving into Ethereum in large numbers, which explains its steady rally over the weekend,” said Jeff Mei, chief operating officer at crypto exchange BTSE, in an interview with Cointelegraph on Tuesday.
He noted that momentum has clearly shifted in Ethereum’s favor, adding, “It makes sense—Ethereum is still trading significantly below its all-time high, and many traders believe it’s poised to close that gap in the coming months.”
