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New Treasury Giant Bets on Ethereum

The next big player is in the starting blocks after Bit Digital, SharpLink Gaming, and Bitmine: Ether-Machine.

By Mike Hesp
• 2 min read
New Treasury Giant Bets on Ethereum

After Bit Digital, SharpLink Gaming, and Bitmine, the next big player is in the starting blocks: Ether-Machine. The new Ethereum Treasury company wants to enter the market with a sizable stash of ETH and aim directly for a Nasdaq listing.

Ether-Machine aims to have as many as 400,000 Ethereum (ETH) on its balance sheet at the time of the IPO, positioning itself as the largest publicly traded vehicle for institutional exposure to the world’s second-largest cryptocurrency.

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The capital assault is anchored by a 169,984 ETH (worth about $645 million) contribution from co-founder and chairman Andrew Keys, complemented by a funding round of more than $800 million supported by heavyweights like Blockchain.com, Kraken and Pantera Capital, according to a press release.

According to Keys, Ethereum is uniquely suited for the future of financial markets: “Bitcoin is digital gold. Ether is productive digital oil,” the company said on X (formerly Twitter). He adds that Ethereum will especially benefit from the new U.S. legislation, the GENIUS Act, since most stablecoins run on the Ethereum network.

Ether-Machine wants to close its IPO in Q4 2025 and will trade on Nasdaq under the ticker ETHM. It promises to mark a new milestone in the institutional adoption of Ethereum.

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