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 more than doubled in premarket trading.
The deal highlights rising institutional interest in holding crypto on corporate balance sheets, a strategy popularized by Michael Saylor at Strategy.
In recent months, several projects have announced plans to publicly…
