 
 
The Ether Machine, an Ethereum acquisition-focused company, announced the purchase of an additional 150,000 ETH worth approximately $654 million. This adds to the company’s increased crypto treasury amid institutional accumulation from global players. On a larger scale, institutional investors have turned their attention to altcoins as Strategy and other firms lead the Bitcoin (BTC) front.
Ether Machine Now Third Largest Holder of The Asset
In a new press release, the company stated that it secured private financing from Jeffrey Berns, a prominent Ethereum enthusiast. The Ether Machine plans a Nasdaq listing later this year and would go public with over 495,000 ETH on its balance sheet.
According to the release, the assets will be transferred to the firm this week with Berns joining the Board of Directors. This underscores the company’s effort to grow its stash as publicly listed firms raise stakes. The Ether Machine’s effort to go public with approximately $2.16 billion in assets places it as the third largest holder above the Ethereum Foundation.
The company previously disclosed an $800 million financing from investors with a $741 million anchor contribution from its Chairman, Andrew Keys.
“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,” said Andrew Keys, Co-Founder and Chairman of The Ether Machine. “We are grateful for Jeff’s confidence in our strategy, and I look forward to partnering with him to build the best-in-class ether-producing machine.”
 
Meanwhile, Bern cited Ethereum’s utility and their desire to create a public vehicle for ETH acquisitions. The asset has caught the eye of major investors leading in ETP products for several weeks. These inflows have bolstered the ETH price over the weeks, eventually taking the asset above $4,700 before a recent decline.
Ethereum, as the largest altcoin, created a ripple effect for other assets, especially decentralized tokens. The institutional volume leads to positive decentralized numbers.
“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,” said Jeffrey Berns. “Their strategy is projected to be the only institutional public vehicle which is purely Ethereum focused, run by world-class Ethereum subject matter experts, in the proper corporate and legal structure for global scale.”
Source: https://zycrypto.com/the-ether-machine-raises-654-million-for-eth-accumulation-ahead-of-nasdaq-listing/
