Ether Machine will be listed on Nasdaq with more than 400,000 Ethereum (ETH) on its balance sheet, offering a unique boost to the price of ETH.
By Godfrey Benjamin
Editor Hamza Tariq
Updated
3 mins read
Ether Machine, a team of crypto-native researchers and public market experts, is working on listing on the Nasdaq stock exchange through a merger with blank-check firm Dynamix Corporation.
Still under formation, the company is on the verge of launching a 400,000 Ethereum ETH $3 758 24h volatility: 3.2% Market cap: $453.33 B Vol. 24h: $54.52 B treasury as part of its balance sheet.
Ether Machine is the product of a merger between the Ether Reserve and Dynamix Corporation. The new crypto venture, co-founded by Andrew Keys and David Merin, is preparing to launch what it calls the largest yield-bearing Ethereum fund, targeting institutional investors.
Keys once served as a board member and head of global business development at Consensys.
Merin was a one-time corporate development executive at Consensys and is now set to take the position of Ether Machine’s CEO once it is established.
In an announcement made on Monday, Ether Machine discussed its plans to create a publicly traded vehicle that offers institutional-grade exposure to Ethereum infrastructure and Ether yield. It intends to secure over 400,000 Ether on its balance sheet before launch.
In the long run, this move could position the company as the most significant public investment for institutional clients’ exposure to Ethereum, the world’s second-largest cryptocurrency.
Explicitly, this merger is a reflection of the consistently increasing institutional interest in the crypto sector.
Many traditional firms are now increasingly drawn to the idea of holding digital assets in their corporate treasuries.
Leading this trend is Michael Saylor’s Strategy, holding over 600,000 Bitcoin BTC $118 307 24h volatility: 0.4% Market cap: $2.35 T Vol. 24h: $42.03 B . With BTC priced at $118,249.58, Strategy’s 607,770 BTC is valued at about $71.87 billion.
More companies have also taken small steps to mirror Strategy’s Bitcoin playbook. A few days ago, Semler Scientific (SMLR) purchased 210 additional BTC between July 3 and July 16.
The acquisition, valued at an aggregate cost of $25 million, significantly expanded the healthcare technology firm’s holdings.
As of July 17, Semler Scientific had 4,846 BTC in its portfolio, which is valued at approximately $573 million. With a bag that is significantly smaller than Strategy’s, Semler boasts a Year-to-date Bitcoin Yield of 30.3%.
Ethereum, which recently saw increased throughput, has established a solid foothold in the cryptocurrency market over the past few days.
From scavenging for gains and catalysts for a new high, the second-largest cryptocurrency by market capitalization has now become one of the top performers in the broader ecosystem.
At press time, ETH was trading at $3,786.16, having increased by 1.09% over the last 24 hours. Meanwhile, its price gain over 7 days is currently pegged at 24.31%.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
