🎁 Ace quick missions & earn crypto rewards while gaining real-world Web3 skills. JOIN NOW! 🔥

The Ether Machine Bags $654 Million in ETH as IPO Plans Heat Up

Key Takeaways

  • The ​Ether Machine secured 150,000 ETH, worth around $654 million, from Ethereum investor Jeffrey Berns, who will also join its board;
  • The funding supports Ether Machine’s plan to list on Nasdaq with over 495,000 ETH and $367 million reserved for future purchases;
  • The firm uses tools like convertible debt and yield strategies to maintain value and expects to outperform traditional crypto funds.

Ace quick missions & earn crypto rewards while gaining real-world Web3 skills. Participate Now! 🔥

The Ether Machine Bags $654 Million in ETH as IPO Plans Heat Up

The Ether Machine has secured an investment ahead of its anticipated initial public offering (IPO), according to a September 2 report by Reuters.

The company received 150,000 Ethereum, worth around $654 million, from Jeffrey Berns, a supporter of Ethereum projects.

According to Reuters, the funds will be transferred to the firm’s wallet within days, and Berns is also joining the company’s board.

How Do KYC & AML Work in Crypto? (Explained)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

The funding supports The Ether Machine’s plan to go public with a strong Ethereum reserve. The company aims to hold over 495,000 ETH ETH $4,322.05 by the time of its Nasdaq listing, along with $367 million more to buy additional ETH in the future.

Formed through the merger of Ether Reserve and the shell company Dynamix Corporation, The Ether Machine originally sought more than $1.5 billion from investors, including Kraken $518.42M , Blockchain.com, and Pantera Capital.

The Ether Machine relies on flexible funding tools such as convertible debt and preferred shares. These methods allow the firm to raise money while keeping the share value steady.

Co-founder Andrew Keys noted that the company expects to outperform traditional crypto investment products by also generating on-chain returns through yield-focused methods. He explained to Reuters that the combination of borrowing and income generation could help the firm keep its market price above its net asset value over time.

Recently, Rain and M0 secured nearly $100 million in venture funding as interest in programmable money grows. What did the two companies say about it? Read the full story.

Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

Loading...
binance
×
Verified

CLAIM $100 BONUS

Changelly Welcome Reward
Rating
5.0