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.
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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
$4,302.36
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
$502.4M
, 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.
