Crypto investment company The Ether Machine (ETHM) has secured $654 million in fresh financing from Jeffrey Berns, a longtime Ethereum advocate and the founder of Blockchains.
The deal, announced Tuesday, marks one of the largest commitments to the firm to date and strengthens its position ahead of a planned Wall Street debut later this year.
The Ether Machine Secures $2.16B in ETH Commitments With Berns’ Backing
According to a Reuters report, Berns contributed 150,000 Ether (ETH) to the company in a private transaction, with funds set to be transferred to its wallet later this week.
Berns will also take a seat on the board of directors once The Ether Machine completes its pending merger with Dynamix Corporation and Ether Reserve LLC.
The latest investment adds to The Ether Machine’s existing pool of institutional backing.
In prior rounds, the company raised more than $800 million from a mix of institutional and strategic investors, including an anchor commitment from co-founder and chairman Andrew Keys.
Keys’ initial contribution of 169,984 ETH, now valued at roughly $741 million, has served as a cornerstone of the company’s treasury.
The company was formed through the merger of Ether Reserve LLC and blank-check firm Dynamix Corporation. The Ether Machine initially set out to raise over $1.5 billion, courting names such as Blockchain.com, Kraken, and Pantera Capital.
While the company has since adjusted its fundraising strategy, the latest capital injection leaves it with a sizable stockpile of Ethereum.
In total, the firm has secured commitments for 495,362 ETH, currently worth around $2.16 billion, with approximately $367.1 million available for further acquisitions, assuming no shareholder redemptions.
Keys called Berns’ participation a key moment for the project.
“Securing this amount of capital from a single investor—particularly from someone with Jeff’s understanding and leadership in Ethereum—is a transformative milestone as we prepare for our public debut,” he said. “I look forward to partnering with him to build the best-in-class ether-producing machine.”
Berns, who has spent years funding Ethereum-based projects and Web3 ventures, echoed that sentiment. “As a long-time believer in the potential of Ethereum to transform how we live and work, I am excited to join Andrew and The Ether Machine team on this journey,” he said.
He described the company’s plan as “the only institutional public vehicle purely Ethereum focused” and praised its corporate structure as well-suited for global expansion.
ETHM Prepares Nasdaq Debut With 345,400 ETH in Treasury
The Ether Machine expects to list on the Nasdaq under the ticker ETHM in the fourth quarter of 2025, subject to shareholder approval and closing conditions.
The public launch will cement its status as a new type of institutional vehicle devoted exclusively to Ethereum.
In addition to its financing activity, The Ether Machine has been steadily building its treasury. The company recently purchased 15,000 ETH, worth about $56.9 million at an average price of $3,809.97, as part of its long-term accumulation strategy.
That purchase coincided with Ethereum’s 10th anniversary celebrations, which included a global livestream featuring Ethereum co-founder Vitalik Buterin and other early contributors.
With the latest acquisitions, The Ether Machine’s holdings now exceed 345,400 ETH, surpassing the 231,600 ETH held by the Ethereum Foundation.
The firm has positioned itself as the third-largest public ETH treasury and expects to hold as much as 400,000 ETH (valued at $1.53 billion) upon its Nasdaq debut.
Keys described the mission as long-term and expansive. “We are just getting started. Our mandate is to accumulate, compound, and support ETH for the long term, not just as a financial asset, but as the backbone of a new internet economy,” he said.
Ethereum Reserves Concentrate as Whales Accumulate Amid Market Uncertainty
Ethereum’s supply is increasingly concentrated among institutions, ETFs, and whales, according to new data from StrategicETHReserve.
SER entities, including corporations, exchanges, and ecosystem players, collectively hold 4.44 million ETH worth about $19.1 billion, equal to 3.67% of the total supply.
The largest holder, Bitmine Immersion Tech, controls 1.8 million ETH ($7.7B), or 40.5% of SER reserves.
SharpLink Gaming follows with 797,700 ETH ($3.4B), while The Ether Machine and the Ethereum Foundation hold 345,400 ETH ($1.5B) and 231,600 ETH ($996M), respectively.
ETF reserves dominate even further, locking 6.74 million ETH ($29B), equal to 5.57% of supply. Combined, ETFs and SER entities control 11.18 million ETH, about 9.24% of Ethereum’s circulating supply.
However, ETFs reported daily net outflows of 36,500 ETH ($157M), indicating investor redemptions or profit-taking.
Whale activity adds another layer of concentration. Blockchain tracker Lookonchain reports that wallet 0x4ED0 has bought 18,447 ETH ($81.5M) since mid-August, alongside 1,357 WBTC ($160M), later collateralized on Aave for $114.2M USDT loans.
Another whale, 0xFf15, swapped 425 BTC ($46.5M) for 10,567 ETH. Since August 20, one whale has shifted 35,991 BTC ($4.04B) into 886,371 ETH ($4.07B) at a 0.0406 exchange rate while still holding nearly $5.4B in Bitcoin.
Ethereum’s network activity underpins these moves. August saw $320B in transaction volume, $135B in DEX trades, and $240B in DeFi TVL, the highest since 2021.
Ethereum co-founder Joseph Lubin predicts ETH could rally 100x, aligning with Fundstrat’s Tom Lee in calling Ethereum Wall Street’s preferred asset over Bitcoin.
Yet, with ETH struggling to hold $4,000, analysts warn that sustained ETF outflows or liquidity shocks could test the market’s resilience in September.
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