Ether Machine Founder: “Ethereum Outperformed Bitcoin Over the Past Decade”

Andrew Keys: “I’m an Ethereum Guy”

Andrew Keys, co-founder of The Ether Machine, argues that Ethereum has outperformed Bitcoin over the past decade, making ETH the better long-term investment. Speaking on CNBC’s Squawk Box, Keys claimed that ETH’s value against BTC has “materially improved” since Ethereum’s inception.

“Over the last decade, since Ethereum started, you would be 30 times wealthier had you owned it since then,” Keys said, later correcting an earlier claim of a 50x increase.

Keys, who also serves as chairman of the new Ethereum investment firm, made it clear that he doesn’t hold Bitcoin.

“I’d rather have an iPhone than a landline,” he quipped.

Ether Machine Prepares for $1.6B Nasdaq Listing

Keys’ firm, The Ether Machine, is planning to go public with a treasury holding over 400,000 ETH — currently valued at around $1.5 billion. This would make it the largest public vehicle for institutional Ethereum exposure, surpassing the ETH holdings of Bitmine (300,000 ETH) and SharpLink (280,000 ETH).

The company will go public via a SPAC merger with Dynamix Corporation, according to Reuters.

Andrew Keys on Squawk Box. Source: CNBC

Related: Bitcoin Price Poised for Consolidation, But a July ATH Still Possible

Ethereum’s Dominance in Tokenized Assets

Keys believes Ethereum stands to benefit most from the GENIUS Act, citing the network’s dominance in hosting stablecoins and tokenized assets.

“Ethereum is experiencing power law dynamics where 90% of tokenized assets are deployed on Ethereum, similar to how 90% of online searches are conducted via Google,” Keys said.

Bitcoin vs. Ethereum: A Complex Comparison

While Ethereum’s percentage gains have been impressive since its 2015 launch, comparing it to Bitcoin can be misleading.

• Bitcoin’s early history: BTC, created in 2009, was valued at roughly $0.05 when it first traded on Mt. Gox in July 2010. It has since surged by more than 234 million percent.

• Ethereum’s rise: ETH launched in July 2015 at around $1.60 and has since gained over 236,000%.

However, recent price action favors Bitcoin. BTC hit a new all-time high (ATH) on July 14, 2025, up 78% since its 2021 peak. ETH, on the other hand, remains 23% below its 2021 ATH of $4,878.

Related: $112M ETH Short Squeeze Sparks Bull Run: Can Lf Labs Ride It?

ETH Rotation Accelerates

Jeff Mei, COO of BTSE exchange, noted that investors are rotating into Ethereum as momentum shifts away from Bitcoin.

“Ethereum is still trading well below its all-time highs, and traders believe it will close the gap in the coming months,”