Ether Machine Raises $654M in ETH Ahead of Nasdaq Listing

Crypto company The Ether Machine secured $654 million in a private financing round, collecting 150,000 Ether from prominent Ethereum advocate Jeffrey Berns.

The funds will be transferred to the company’s wallet later this week, according to a Tuesday report by Reuters. Berns, known for his early investments in Ethereum infrastructure and Web3 initiatives, will join the board of directors.

The raise is part of the company’s broader strategy to build a substantial Ether (ETH) treasury ahead of its anticipated Nasdaq debut later this year.

The Ether Machine was formed through a merger between the Ether Reserve and blank-check firm Dynamix Corporation. While the initial goal was to raise over $1.5 billion from investors, including Blockchain.com, Kraken and Pantera Capital, the firm has since adjusted its strategy.

Related: Who owns the most Ether in 2025? The ETH rich list, revealed

Ether Machine to go public with 495,000 ETH

The Ether Machine is now expected to go public while holding over 495,000 ETH, valued at about $2.16 billion, and an additional $367 million earmarked for future ETH acquisitions, per Reuters.

According to StrategicETHReserve data, The Ether Machine is currently the third-largest corporate holder of ETH with over 345,400 coins, outdistancing the Ethereum Foundation’s reported 231,600 ETH.

Treasury companies like Ether Machine often utilize convertible debt and preferred equity to raise capital while preserving their net asset value per share. According to co-founder and chairman Andrew Keys, the company’s onchain yield generation strategy is expected to outperform traditional exchange-traded funds (ETFs).

“Between debt issuance and yield mechanics, we believe we can maintain a market premium over our net asset value indefinitely,” Keys told Reuters.

Ether Machine is also launching a third capital raise led by Citibank. Keys said the new round is targeting at least $500 million and will commence on Wednesday.

Related: Ether breaks below ‘Tom Lee’ trendline: Is a 10% incoming?

$11 billion Bitcoin whale rotates into Ether

A mysterious Bitcoin whale worth more than $11 billion has steadily rotated funds into Ether. The investor recently sold $215 million worth of Bitcoin to acquire $216 million in spot Ether via Hyperliquid, bringing their total ETH holdings to 886,371 ETH, now valued at over $4 billion.

The whale first began rotating funds on Aug. 21, exchanging $2.59 billion in BTC for a $2.2 billion ETH spot position and $577 million in ETH perpetual longs. After closing part of the leveraged position with $33 million in profit, the investor resumed buying spot Ether.

Magazine: Bitcoin is ‘funny internet money’ during a crisis: Tezos co-founder