Ether Machine to Go Public on Nasdaq, Raising $1.6 Billion

Ether Machine, a new crypto project backed by institutional investors such as Blockchain.com, Kraken, and Pantera Capital, is set to be listed on Nasdaq through a merger with SPAC firm Dynamix Corporation. The transaction is expected to raise over $1.6 billion in capital.

The resulting entity will hold over 400,000 Ethereum (ETH) at launch, making it the largest public vehicle for institutional exposure to the second-largest cryptocurrency. Following the announcement, Dynamix shares rose by nearly 28% in early trading.

The listing reflects the growing interest of institutional investors in holding cryptocurrencies on their balance sheets. While most corporate attention has so far focused on Bitcoin, Ethereum has recently seen significant gains, reaching a six-month high.