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.
You May Also Like
Aave DAO to Shut Down 50% of L2s While Doubling Down on GHO
New Crypto Investors Are Backing Layer Brett Over Dogecoin After Topping The Meme Coin Charts This Month
