Ether Machine Secures $654M in Ethereum Funding

The Ether Machine announced on Tuesday that it raised an additional 150,000 ETH, worth $654 million, for its Ethereum treasury in August, solidifying its status as the third-largest Ethereum holder. This investment comes from longtime Ethereum advocate Jeffrey Berns, who will also join the company's board of directors. According to The Ether Machine, this is the largest follow-on investment in the crypto treasury space to date, bringing its total committed capital to over $2.5 billion. Andrew Keys, the firm's co-founder and chairman, stated, "With the landmark commitment from Ethereum pioneer Jeff Berns, we now have nearly 500,000 ETH—approximately $2.5 billion—giving us unmatched strength and credibility in this market." This growth follows previous acquisitions, including 10,605 ETH on August 4th and an additional 15,000 ETH on Ethereum's 10th anniversary. The Ether Machine aims to establish a long-term, yield-generating institutional treasury, mere months after its formation from a merger of Ether Reserve and Dynamix Corporation. Initially, the firm planned to secure over $1.6 billion from notable investors like Blockchain.com, Kraken, and Pantera Capital. Currently, holdings sit at 495,362 ETH, valued around $2.14 billion, with an additional $367 million reserved for future acquisitions ahead of its anticipated Nasdaq listing next quarter. The Ether Machine ranks third in strategic ETH reserves, behind Tom Lee's BitMine and Joe Lubin's SharpLink, which hold roughly 1.8 million ETH and 837,000 ETH, respectively. Looking ahead, The Ether Machine is set to commence its third funding round on Wednesday, with Citibank leading a capital raise of at least $500 million.