Ether Machine, backed by crypto giants, set to raise over $1.6 billion in Nasdaq debut
The combined entity, to be named The Ether Machine, aims to launch with more than 400,000 Ether on its balance sheet, positioning it as the largest public vehicle for institutional exposure to the world's second-largest cryptocurrency.
The deal highlights rising institutional interest in holding crypto on corporate balance sheets, a strategy popularized by Michael Saylor at Strategy.
In recent months, several projects have announced plans to publicly list their shares while aiming to wrap crypto assets into equity to attract traditional investors.
While most corporate interest has focused on Bitcoin, Ether has surged in recent weeks, hitting a six-month high on Friday.
Ether has benefited from increased regulatory clarity around U.S. dollar-pegged stablecoins, most of which are issued and transacted on the Ethereum blockchain.
Andrew Keys, a former executive at ConsenSys — a crypto firm founded by Ethereum co-founder Joseph Lubin — will serve as Ether Machine's chairman.
Investors in the blank-check deal, including Blockchain.com, Kraken, and Pantera Capital, are contributing more than $800 million through an upsized common stock offering.
The company will trade on the Nasdaq under the symbol "ETHM" upon deal close, which is expected in the fourth quarter of 2025.
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