Ether Machine Bags $654M in ETH Ahead of Its Nasdaq Debut, Here’s Who Backed It

Crypto treasury firm Ether Machine has raised $654 million in private financing, securing 150,000 ETH from longtime Ethereum supporter Jeffrey Berns. The funds are expected to move into the company’s wallet later this week, according to a Reuters report.

The raise comes as Ether Machine gears up for its planned Nasdaq debut, part of a broader strategy to build one of the largest Ethereum treasuries in the public markets.

Building a massive Ether treasury

Ether Machine was formed less than two months ago through a merger between Ether Reserve and blank-check company Dynamix Corporation (ETHM.O). The company originally projected raising more than $1.6 billion, with early backing from investors such as Blockchain.com, Kraken, and Pantera Capital.

With Berns’ latest contribution, Ether Machine now expects to list on Nasdaq holding more than 495,000 ETH, valued at about $2.16 billion, alongside $367 million in capital earmarked for further acquisitions.

By comparison, few public firms currently hold this scale of Ethereum, making Ether Machine’s treasury strategy one of the most ambitious to date.

Treasury vehicles like Ether Machine are designed to accumulate large crypto reserves while minimizing dilution for shareholders. To do this, companies often lean on convertible debt or preferred stock rather than direct equity issuance.

In addition, ether’s yield-generating potential through staking adds another layer of return that sets it apart from traditional exchange-traded funds (ETFs).

What’s next for Ether machine

Andrew Keys, co-founder and chairman of Ether Machine, told Reuters that the company believes it can sustain a “multiple-to-net asset value (mNAV)” over time.

This metric compares a company’s market capitalization to the actual value of the assets it holds. “Between the issuance of debt and the ability to do on-chain yield generation that surpasses exchange traded funds, we believe that we should be able to sustain an mNAV in perpetuity,” Keys said.

The Nasdaq listing is expected to close next quarter, but fundraising is still underway. Keys confirmed that Citibank is leading a third capital raise, targeting at least another $500 million starting this week.

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