Ether Machine Taps $654M Private Raise Before Nasdaq Launch

Ether Machine secured $654 million worth of ether in a private round as it readies a planned Nasdaq listing later this year. The company disclosed the investment to Reuters on Tuesday.

Ether Machine to Go Public With More Than $2B in Ethereum

The financing comprises 150,000 ether ( ETH) from Jeffrey Berns, a longtime ether advocate and the founder and CEO of Blockchains, a technology firm focused on blockchain. Ether Machine told Reuters the ETH will be transferred to its wallet later this week.

As part of the deal, Berns will also take a seat on the company’s board of directors, the report said. ETH reserve data compiled by strategicethreserve.xyz shows Ether Machine holds 345,400 ether valued at $1.49 billion at press time.

“Proud to announce [The Ether Machine (ETHM)] raised an additional $654M worth 150,000 ETH in August,” the company’s co-founder and chairman, Andrew Keys, wrote on X on Tuesday. With a Nasdaq listing expected to close next quarter, fundraising continues.

Keys confirmed to Reuters that Citibank will lead a third capital-raising round of at least $500 million, beginning Wednesday. Upon going public, Reuters’ Ateev Bhandari reported that Ether Machine is expected to hold more than 495,362 ether, worth over $2 billion.

This would still place Ether Machine behind the top public holders, Bitmine and Sharplink. Bitmine controls 1.8 million ETH worth $7.7 billion, while Sharplink holds 797,700 ETH valued at $3.43 billion, according to the ETH reserve treasury site strategicethreserve.xyz. However, Sharplink acquired 39,008 ETH, and total holdings rose to 837,230 ETH according to its announcement earlier today.