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.

It is backed by around $645 million worth of ETH from Chairman Andrew Keys and a further $800 million from an array of high-profile investors

Blank-check firm Dynamix announced Monday it will merge with another entity to form the Ether Machine, according to The Wall Street Journal. The new holding company will manage over $1.5 billion in ether.