Ether Machine secures $654M before Nasdaq debut
The Ether Machine, created from the merger of Ether Reserve and Dynamix Corp, raised $654M in private funding ahead of its Nasdaq listing.
The company received 150,000 ETH ($654M) to strengthen its treasury before its planned Nasdaq debut in Q4 2025.
The round was led by Jeffrey Burns, CEO of Blockchains LLC and a longtime Ethereum supporter. In 2018, Burns bought 67,000 acres in Nevada to build a blockchain-powered “smart city”. It has been announced that Burns will soon join the company's board of directors.
Ether Machine positions itself as a public enterprise for institutional investors looking to earn returns from Ethereum through staking, restaking, and decentralized finance (DeFi).
The company holds 495,362 ETH (~$2.16B at current rates). It also has up to $367.1M in funds that could be used to buy more ETH, depending on Dynamix shareholder redemptions.
In its initial funding rounds, the company raised over $800 million from Blockchain.com, Kraken, and Pantera Capital. It was expected that the current round would also involve them and bring in more than $1.6 billion, but so far the money has only come from Burns.
CEO David Merin said the funding shows investor confidence in Ethereum’s long-term potential and Ether Machine’s strategy.“
Listing on Nasdaq will be an important step to increase brand recognition and attract new capital,” Merin stated.
After the listing, the company's shares will trade under the ticker ETHM., and all funds will be directed towards expanding the team and developing infrastructure for building Ethereum-based products.
Dynamix shares jumped 28% on the news, showing strong investor interest in the Nasdaq listing.
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