Ethereum-focused firm Ether Machine has raised $654 million in a private financing round, marking a significant step toward its planned Nasdaq listing later this year. The company aims to solidify its position as one of the largest corporate holders of Ether with an aggressive accumulation strategy.
According to recent reports, the financing was led by Jeffrey Berns, a well-known advocate of Ethereum and Web3 development. Berns contributed 150,000 ETH to the funding round and will join Ether Machine’s board of directors, signaling strong confidence in the firm’s long-term vision.
Strategic Move Before IPO
The Ether Machine currently holds over 345,000 ETH and expects to go public with 495,000 ETH valued at approximately $2.16 billion. Additionally, the firm has earmarked $367 million for further Ether acquisitions to strengthen its balance sheet before the listing.
“Our strategy is centered around building a robust onchain yield mechanism that can outperform traditional ETFs,” said Andrew Keys, co-founder and chairman of Ether Machine.
Corporate ETH Holdings on the Rise
With this move, Ether Machine has become the third-largest corporate Ether holder, surpassing the Ethereum Foundation’s reported 231,600 ETH. The company plans to maintain a market premium through a combination of convertible debt and preferred equity, enhancing its ability to raise capital without diluting shareholder value.
Future Funding and Market Outlook
A third capital raise, led by Citibank, is already in progress and aims to secure an additional $500 million. Analysts note that these developments could have a bullish impact on Ether’s price, especially as large institutional players continue to accumulate ETH.
Disclaimer
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