The Ether Machine announced today that it has secured $654 million in Ether financing. Jeffery Berns, a long-term Ethereum supporter, has committed 150,000 ETH to the Ether Machine, increasing the firm’s current holding to 495,400 ETH, valued at $2.16 billion. 

Good morning, Machinists. We just raised another 150,000 #ETH in August ($654M).

This is the largest follow on investment of any crypto treasury company thus far, bringing our total committed capital up to >$2.5B
⬇️

— The Ether Machine (@TheEtherMachine) September 2, 2025

The financing announcement comes ahead of the Nasdaq listing, which is expected later this year. According to the report, the tokens will be delivered to the Ether Machine’s wallet later this week, allowing Berns to join the firm’s board of directors. Berns has been a long-time supporter of the Ethereum network.

Ether Machine prepares for Nasdaq listing with new funding

The Ether Machine was created via the merger of Ether Reserve and the Dynamix corporation as an Ethereum treasury firm to hold and manage Ethereum tokens. The original merger was expected to deliver $1.6 billion, including early participants such as Kraken and Pantera Capital. The company now holds 495,400 ETH plus $367.1 million in liquid capital, which has been reserved for acquiring assets.     

The treasury firm noted that its model follows Ether’s yield-generating potential, where holders can stake tokens to help secure the network in exchange for rewards. The firm seeks to accumulate the proceeds of stacking while managing corporate balance sheets via TradFi approaches. Ether Machine uses financial instruments such as convertible debt and preferred stocks to minimize liquidation and maximize ether holding per share to achieve stacking needs. 

Andrew Keys, chairman and co-founder of the Ether Machine, told Reuters that combining convertible debt and preferred stocks supports the firm’s ability to sustain a multiple to net asset value (mNAV). This metric measures the company’s market capitalization relative to the net value of its assets, including digital assets and cash reserves. 

“ Between the issuance of debt and the ability to do on-chain yield generation that surpasses exchange-traded funds, we believe that we should be able to sustain a mNAV asset value in perpetuity.”

-Andrew Keys, chairman and co-founder of Ether Machine

The upcoming Nasdaq listing is expected to occur in the next quarter while the firm accumulates holdings and pursues additional fundraising.  Per reports, the company planned to achieve at least $1.5 billion in funding and over 400,000 ETH holdings before going live. 

Ether ETFs hit $43.5 billion as Ether Machine continues to accumulate holdings

The firm will trade under the ticker ETHM with backings from major investors, including Kraken, Pantera Capital, and Blockchain.com, who collectively contributed over $800 million, pushing the treasury’s capital base to over $1.6 billion. During the interview, Keys confirmed that Citibank is also conducting the third round of financing to raise at least $500 million starting this week. 

The current accumulation of Ether follows the recent record inflows seen in the Ethereum network, which drew more than $3.95 billion in August. A recent report by Cryptopolitan highlighted that the surge was mainly due to institutional demand. 

Ethereum ETFs have hit exposure of nearly 11,178,798 ETH valued at roughly $43.5 billion as of August 29.  Investment advisors and individual investors account for more than half of the allocation, while corporate treasuries currently, 70 institutions hold roughly 3.67% of the total supply.  

According to research by CoinShares, more than 35 ETH are locked into treasuries for each new ETH issued on the network, showing how demand for the token outpaces supply. ETH is currently trading at $4,360.50, up 1.09% today. The token has, however, dropped from last week’s highs by roughly 3% but maintains a positive YTD of 30.9%, showing its growing importance in the crypto ecosystem despite short-term price changes.   

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