Ether Machine (ETHM), a crypto investment vehicle that is preparing to be made public through a merger with Dynamix Corporation, said on Tuesday it has secured 150,000 ether (ETH) worth around $654 million from blockchain founder Jeffrey Berns.
According to the press release, the latest commitment will result in 495,362 ETH, which is the company’s owned or equivalent to approximately 495,362 ETH.
The company is also reserved for up to $367.1 million for further purchases, assuming that Dynamix shareholders will not redeem the shares before the merger closes.
Berns, which helped Ethereum as a platform for digital identity and internet infrastructure, will join the board of ether machines when the transaction is completed later this year. His investment follows an earlier anchor commitment of 169,984 ETH ($741 million) from Ether Machine co-founder and chairman Andrew Keys.
The company is also planning to pursue a third funding round of at least $500 million, with Citibank leading the effort, Keys said in an interview with Reuters.
Ether Machines are part of a growing roster of public companies pursuing strategies to win ETH, the second largest cryptocurrency. The Eth Treasury company, led by Bitmine and Sharplink Gaming, has already purchased nearly 4% of its token supply, the StrategiceThreserve.xyz dashboard shows.
Read more: Bitmine Immersion Increases Ether Holdings to $8.1 billion, with $623 million in cash for more purchases
