Ether Machine Lands $654M Funding Round Ahead of Nasdaq Debut, Building Fast Feedback Machine for Institutional ETH Holdings

Ether Machine is accelerating toward its public market launch with a major capital infusion: the company closed a $654 million private investment in ethereum (ETH) and is now on track for a Nasdaq listing in the final quarter of 2025.

Funding Details and Strategic Board Addition

The raise comprises 150,000 ETH sourced from Jeffrey Berns, founder and CEO of Blockchains, a prominent blockchain-focused technology firm. According to company communications shared with Reuters, the ethereum assets will settle in Ether Machine’s wallet by week’s end. Beyond the capital contribution, Berns has secured a board seat, signaling deeper strategic alignment with the institutional ethereum ecosystem.

Co-founder and Chairman Andrew Keys announced the milestone via social media, framing the August investment as part of the company’s broader institutional adoption strategy. The move reflects growing confidence in Ether Machine’s fast feedback machine approach to managing and scaling ethereum reserves at enterprise scale.

Building Scale Before Going Public

Current holdings paint an impressive picture: Ether Machine maintains 345,400 ETH, valued at approximately $1.49 billion based on ETH trading around $2,980 per token. However, the company’s public market entry promises significant scale expansion.

Upon Nasdaq listing, Ether Machine is projected to hold over 495,362 ETH, representing more than $2 billion in ethereum reserves. This accumulation strategy underscores the institution’s commitment to becoming a material player in the ethereum holding landscape.

Ongoing Capital Raises and Market Position

Momentum continues beyond the Berns round. Citibank will lead a subsequent capital raise beginning immediately, targeting a minimum $500 million commitment. This third-round funding demonstrates sustained institutional appetite for Ether Machine’s ethereum-centric investment thesis.

Yet despite impressive growth, Ether Machine remains positioned behind established ethereum reserve holders. Bitmine commands the largest public ethereum position with 1.8 million ETH worth $7.7 billion, while Sharplink holds 797,700 ETH valued at $3.43 billion. Recent activity from Sharplink—acquiring an additional 39,008 ETH to reach 837,230 total—shows the competitive intensity in institutional ethereum accumulation.

Ether Machine’s trajectory suggests the institutional ethereum market is entering a consolidation phase, with multiple large players competing for dominant reserve positions ahead of potential regulatory clarity and broader adoption cycles.