Ether Machine secured an additional $654 million worth of Ether (ETH) in private financing, the firm announced Tuesday, as it bolsters its treasury strategy ahead of a planned Nasdaq debut.
Ether Machine Nets $654mn ETH Boost from Jeffrey Berns Pre-Nasdaq Debut
3 September 2025 - 09:13 CEST
The new capital comes in the form of 150,000 Ether committed by longtime Ethereum proponent Jeffrey Berns, founder of Blockchains, a company dedicated to exploring blockchain applications.
According to a press release issued by the company, the tokens are expected to be delivered to its wallet this week, with Berns also set to join the board of directors. The Ether Machine is dedicated to staking and holding large volumes of ETH to support the network while providing institutional capital access to the cryptocurrency.
A pure ETH treasury
The Ether Machine described the deal as a “transformative milestone” that positions the firm to launch “from a position of strength” as a public company.
“Securing this amount of capital from a single investor – particularly from someone with Jeff’s understanding and leadership in Ethereum – is a transformative milestone as we prepare for our public debut,” said Andrew Keys, co-founder and chairman of The Ether Machine.
“We are grateful for Jeff’s confidence in our strategy, and I look forward to partnering with him to build the best-in-class ether-producing machine.”
The company was formed earlier this year after a merger between The Ether Reserve and blank-check firm Dynamix Corporation. With Berns’ contribution, The Ether Machine now holds 495,362 ETH, valued at roughly $2.16 billion based on the average of current market prices, alongside $367.1 million in capital earmarked for additional purchases.
IPO Pipeline Grows
The Ether Machine expects its business combination with Dynamix Corporation to close in the fourth quarter of 2025, subject to shareholder approval. Citibank is leading the company’s third capital raising round, which aims to secure at least $500 million.
The firm’s move comes amid renewed public market momentum for digital asset companies that are seeking to go public. Gemini, the crypto exchange founded in 2014, filed for a Nasdaq IPO under the ticker GEMI, and is seeking a valuation of $2.2 billion for a mid-September launch, according to media reports.
