The Ethereum investment company "Ether Machines" plans to raise $1.6 billion in its IPO.

Ether Reserve is a new cryptocurrency company supported by well-known crypto investors, which is expected to raise over $1.6 billion through a merger with the blank check company Dynamix Corporation and listing on Nasdaq. The merged entity will be named "Ether Machines" and aims to have over 400,000 ether coins on its balance sheet, making it the largest public vehicle for institutional exposure to the world's second-largest cryptocurrency. Dynamix stock rose nearly 28% in early trading. This deal highlights the growing interest among institutions in holding cryptocurrencies on their balance sheets, with several projects announcing plans to publicly list in recent months while also aiming to package crypto assets as stocks to attract traditional investors.