Ether Machine, backed by crypto giants, set to raise over $1.6 billion in Nasdaq debut
(Reuters) -The Ether Reserve, a new crypto venture backed by prominent crypto investors, will list on the Nasdaq through a merger with blank-check firm Dynamix Corporation and is expected to raise over $1.6 billion.
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.
Shares of Dynamix rose nearly 28% in early trading.
The deal highlights rising institutional interest in holding crypto on corporate balance sheets, with several projects announcing plans in recent months 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 stands out for its yield-generating capability and its use in digitizing real-world assets, according to Andrew Keys, who will serve as Ether Machine's chairman.
Ether holders earn returns via staking, a process that supports the operation and security of the Ethereum network.
'Bitcoin doesn't have yield and Ether does,' Keys, who previously worked with Ethereum co-founder Joseph Lubin, told Reuters in an interview.
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.
ECOSYSTEM DOMINANCE
Ethereum is growing in a way that is reminiscent of how Google dominated internet search, Keys said, adding that 90% of stablecoins and other real-world tokenizations are settled on the platform.
The blockchain supporting Ether can have "infinite assets created on top of it and we can have infinite functionality through smart contract usage," he added.
Smart contracts are self-executing digital agreements on blockchains, eliminating intermediaries.
Ether has also benefited from increased regulatory clarity around U.S. dollar-pegged stablecoins.
"The largest beneficiary of the Genius Act is Ethereum because the majority of stablecoins reside on top of Ethereum," Keys said.
The company will trade on the Nasdaq under the symbol "ETHM" upon deal close, which is expected in the fourth quarter of 2025.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
14 minutes ago
- Yahoo
Coinbase Global (COIN): 'For All I Know It's A Pump And Dump, I Don't See Anybody Dumping?' Says Jim Cramer
We recently published . ABC is one of the stocks Jim Cramer recently discussed. Coinbase Global, Inc. (NASDAQ:COIN) is a cryptocurrency exchange whose 57% year-to-date share price gain has resulted from legislation benefiting stablecoins and the bullish run in Bitcoin. Cramer's previous comments about Coinbase Global, Inc. (NASDAQ:COIN) asserted that the firm has benefited from its large market share. This time, he discussed Coinbase Global, Inc. (NASDAQ:COIN)'s valuation: '[On Cantor going to $500] I think that's within reason. PE's of these companies, this is the lowest one in park, at 40 times earnings, well Robinhood's not that low yet, I mean not that high. I mean People have to understand P/E analysis is not working. Robinhood's at 62 times earnings. COIN is at 40 times earnings. And people will say, uh, Jim, the multiple's too high. And I come back and say, do you really think the retail investor knows what a multiple is? Like what are you like, some sort of abstraction? See, this is a new world. I'm realistic. Look, for all I know it's a pump and dump, I don't see anybody dumping? I'll tell you when it's over. When the insiders do big deals and sell. And when there's secondaries. And there haven't been. That's what caused 2014. That's what caused it to end. 2020. That's what caused it to end. I mean, 2000. That's what caused it. 2000 being the vicious number of secondaries between January and March of 2021 and also about 2020. These years were just horrendous. And these companies broke down. I'm waiting for that. But it's not happening. So I wanna give people my history. Which is that it should have happened by now. Like Karp should have been selling and the companies should have been raising money. But they don't need to. These companies are incredibly well capitalized. And when people want to try and say, you know what they're like what happened to the dotcoms, I remember the dotcoms. They didn't have any money.' While we acknowledge the potential of COIN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the . READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey.
Yahoo
14 minutes ago
- Yahoo
Domino's Pizza, (DPZ): 'Be Prepared To Be steamrolled,' Says Jim Cramer
We recently published . Domino's Pizza, Inc. (NASDAQ:DPZ) is one of the stocks Jim Cramer recently discussed. Domino's Pizza, Inc. (NASDAQ:DPZ) is a well-known American pizza chain. The shares have gained 11% year-to-date, helped partly by a 4% jump in July. Domino's Pizza, Inc. (NASDAQ:DPZ)'s stock was helped by a strong earnings report, which saw its US same-store sales jump by 3%. Cramer discussed the firm's partnership with DoorDash: 'I remember when Russell Weiner called me. Russell Weiner's fantastic, the CEO's fantastic. And he said, the street's underestimating this partnership [with DoorDash]. And I said well I'm not gonna underestimate it, cause he's been wanting to go with me the whole lot time. . .But Russell is a hitter. And he said this would happen. People just said, well what does it mean? And the answer it that it means there is another channel. And historically there hasn't been another channel, because the owners, the franchisees, always want to be the only channel. But I just think he's fabulous. That was really good numbers. People who don't like him, be prepared to be steamrolled.' Previously, the CNBC TV host discussed Berkshire Hathaway's stake in Domino's Pizza, Inc. (NASDAQ:DPZ): 'Russell Weiner said do you know that Warren Buffett is now my second largest shareholder? And that's Dominos. And he said I don't speak to him but it is, and I said well I don't know, maybe it's possible that he's not, that he, but I went to Becky Quick, because Becky can ask him. But what an informator if you find out that he is your second-largest shareholder.' While we acknowledge the potential of DPZ as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the . READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
Yahoo
14 minutes ago
- Yahoo
Alphabet stock still looking cheap: Opening Bid top takeaway
Sorry, trade deal tracker fans, you'll have to take a back seat this morning for earnings analysis. Tesla (TSLA) is the top trending ticker on Yahoo Finance as the EV maker delivered a weak quarter that everyone on the Street expected. What they didn't expect was a subdued Elon Musk on the earnings call. A little less sizzle on the mic this go around for the prickly gazillionaire! Then we have Alphabet (GOOG, GOOGL), which dropped the mic in its own right on Wednesday afternoon — but for the right reasons: bullish earnings call commentary on cloud demand and how it's monetizing AI in its core search business. The company also lifted its capital expenditure for 2025 to $85 billion, a $10 billion jump from its previous forecast. "What we see here is that AI spend is going absolutely nowhere but up," Gradient Investments analyst Lisa Schreiber said on Opening Bid. "So, it's still very strong, which is a very perfect backdrop for the rest of the hyperscalers, as [their earnings] are coming in over the next couple of weeks, that benefits even more parts of the industries." There are also peripheral reports in focus, such as IBM (IBM) and Chipotle (CMG). IBM had a good quarter. CFO Jim Kavanaugh tells me the company is finding more expense savings and is seeing sizable AI software demand. But the stock is getting hit. Chipotle had an unsavory quarter, as sales surprisingly slowed. That stock is getting shredded. "Markets digested a high-impact slate of earnings marked by extreme single-stock volatility, investors rewarding clean beats paired with credible guidance, punishing any signs of softness," Evercore ISI strategist Julian Emanuel said. For me, the main stock story on Opening Bid today was Alphabet. The numbers were so strong that one has to wonder why the stock didn't gain more — especially considering shares trade at a discounted forward PE ratio relative to the S&P 500 (^GSPC). Zoom in: Alphabet's big quarter Alphabet is trading at only 19.3 times forward earnings on a PE basis (S&P 500 is at 24 times), and the stock goes up just 2% on Thursday morning? Did anyone listen to the earnings call? I did: The company said revenue growth accelerated throughout the business. Cloud business is rocking. The company said it's not losing key AI talent to the giant wallet of Meta (META). The discussion around AI and search seems very bullish. YouTube is crushing it. "AI (beast) mode — it's time to close the valuation gap," KeyBanc analyst Justin Patterson said. Wedbush analyst Dan Ives added, "We continue see a favorable risk/reward for Alphabet and think there is a case for multiple expansion in the coming quarters as investors gain more comfort around the current macro environment, regulatory risk, and the impact of generative AI on the business." Brian Sozzi is Yahoo Finance's Executive Editor and a member of Yahoo Finance's editorial leadership team. Follow Sozzi on X @BrianSozzi, Instagram, and LinkedIn. Tips on stories? Email Sign in to access your portfolio
