365Crypto
A Big Raise Before Wall Street
The Ether Machine just pulled in $654 million in private funding. It came in the form of 150,000 ETH from Jeffrey Berns, a long-time Ethereum believer.
Berns Joins the Board
Berns, known for backing early Web3 projects, will also take a board seat. His ETH transfer is set to hit company wallets this week.
Building a Massive ETH Treasury
This raise is part of a bigger plan: Ether Machine wants a giant ETH stash before its Nasdaq listing later this year. Right now, it holds over 345,000 ETH. After the new raise, the firm expects to go public with 495,000 ETH worth $2.16 billion, plus $367 million set aside for more ETH shopping.
From Merger to Market
The company was born from a merger of Ether Reserve and Dynamix Corp. At first, they aimed for $1.5 billion from firms like Kraken and Pantera, but strategy shifted. Even so, Ether Machine is already the third-largest corporate holder of ETH, more than the Ethereum Foundation itself.
Yield Over ETFs
Co-founder Andrew Keys says their onchain yield strategy will beat traditional ETFs. He claims debt and yield tools will let them keep shares trading above asset value.
More Cash Coming
Ether Machine isn’t done. A third fundraising led by Citibank starts this week, aiming to pull in another $500 million.
Bitcoin Whale Flips to ETH
Meanwhile, a mysterious Bitcoin whale worth $11B has been loading up on Ether. They dumped $215M in Bitcoin to grab $216M in ETH. Their stash now sits at 886,371 ETH, worth over $4B. Looks like even whales want in before Ether Machine hits Nasdaq.
